The survey by IHS Markit showed business growth in January and an increase in production in services. Production grew at a maximum rate in 8 months. Business activity in January increased at a steady pace, but the growth rate fell to a minimum in 4 months. Business expectations have improved slightly, contributing to employers' careful strategies in hiring employees. At the same time, wages grew at the lowest pace since April 2017. The reduction of inflation and the cost of inputs was a positive event in January. Production expanded the fastest since May 2018, which led to improved business conditions. The data collected by IHS Markit showed strong domestic demand, which offset the growth in export sales. Manufacturers have shown maximum confidence in the prospects of business for the first time since May 2018.
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