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U.S. basic materials output drops for first time since May 2016: survey
Last Updated: 2019-01-09 11:06 | Xinhua
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U.S. firms in the basic materials sector in December 2018 registered the first fall in output since May 2016, according to the U.S. Sector PMI (Purchasing Managers' Index) released by the IHS Markit on Tuesday.

The data showed that the basic materials sector was the worst performing of those monitored by the survey and the only one to signal a downturn in production.

Meanwhile, the consumer services sector signaled a further pick-up in growth momentum, with the rate of expansion accelerating for the fourth month running. The rise in activity was the fastest for eight months and indicated the strongest performance among the monitored sectors.

Similarly, industrials firms registered a strong and accelerated increase in production.

Conversely, the technology and consumer goods sectors signaled the weakest respective output expansions since March 2018.

The rate of growth among consumer goods firms was one of the weakest in 2018, while softer output growth was registered in the financials sector. The marginal rise in business activity was the second-weakest since January 2018.

Healthcare firms also signaled a slowdown in activity growth, with the upturn easing from October's 44-month high to the slowest in three months.

U.S. Sector PMI indices are compiled from responses to questionnaires sent to purchasing managers in IHS Markit's U.S. manufacturing and services PMI survey panels, covering over 1,000 private sector companies.

Indices are available for the basic materials, consumer goods, consumer services, financials, healthcare, industrials and technology sectors.

IHS Markit is a global company in critical information, analytics and solutions for the major industries and markets that drive economies worldwide.

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