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Consumer demand boosts global economy in January

Staff Writer |
The latest Markit Global Sector PMI data signalled that consumer-related sectors drove global growth in January, while telecoms contracted and basic materials slowed.

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Consumer goods registered the fastest growth of the eight broad sector groups monitored at the start of 2017.

Output rose at the strongest rate since April 2010. Two component sectors – automobiles & auto parts and food – registered the strongest rates of expansion in output among all 23 detailed sectors monitored.

Consumer services was the second-fastest growing group of sectors in January, just ahead of industrials, healthcare and financials. Within consumer services, tourism & recreation registered strong growth (ranked fifth overall) and media posted a rebound from December’s weak expansion.

The strongest-growing non-consumer sectors in January were banks, other financials, transportation, chemicals and healthcare services.

Two sectors registered falling output in January, namely telecommunication services and forestry & paper products.

Metals & mining registered the weakest rate of growth of the 21 sectors that saw expansion during the month.

This, combined with the drop in forestry & paper products, resulted in the slowest rise in basic materials output since September, despite a stronger expansion in chemicals.

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