UK Construction Sector Downturn Softens In May

RTTNews | 89 dagar sedan

(RTTNews) - The UK construction sector contracted at a slower pace in May as the fall in new orders hit the slowest in four months, survey data from S&P Global showed on Thursday.

The construction Purchasing Managers' Index posted 47.9 in May, up from 46.6 in April. The indicator suggested the slowest reduction in output volumes since January.

House building was the weakest-performing segment in May amid ongoing reports of subdued demand conditions. Civil engineering also contracted the most in five months. Meanwhile, commercial work dropped at the slowest pace since January.

The survey showed that new work dropped again in May but at the least marked pace in four months. Respondents attributed the fall to delayed decision-making among clients and cutback to capital spending budgets.

Further, firms were reluctant to backfill vacancies amid a lack of new work to replace completed projects and pressure on margins from rising payroll costs. Consequently, employment declined at the fastest pace since August 2020.

Firms reduced their purchasing activity in response to lower workloads. Input buying decreased for the sixth straight month. This resulted in fewer pressures on supplier capacity and a subsequent improvement in delivery times.

On price front, the survey showed that a strong rate of input price inflation continued in May. However, cost pressures continued to drift down from the 26-month high.

Business activity expectations for the year ahead edged up to the highest since December 2024. Positive projections were attributed to hopes of a turnaround in housing market conditions, greater infrastructure work, and the impact of lower borrowing costs on client demand.

Taggar: GBP

UK Mortgage Approvals Rise To 6-Month High

UK mortgage approvals increased to the highest in six months in July but secured lending decreased to a two month low, official data showed Monday. Mortgage approvals for house purchases, an indicator of future borrowing, rose by 800 to 65,400 in July, the Bank of England said. This was the highest total since January, when approvals hit 65,775. Approvals were forecast to drop to 64,000.

RTTNews | 1 dag sedan

UK House Price Growth Softens In August

UK house prices logged a slower pace of growth in August due to stretched affordability, the Nationwide Building Society said Monday. House prices increased 2.1 percent on a yearly basis in August, slower than the 2.4 percent rise seen in July. On a monthly basis, house prices edged down 0.1 percent, in contrast to the 0.5 percent increase in the previous month.

RTTNews | 1 dag sedan

UK Inflation Hits 18-Month High

UK consumer price inflation accelerated to an 18-month high in July on airfares and food prices, suggesting that the Bank of England is likely to delay further easing. The consumer price index posted an annual growth of 3.8 percent after rising 3.6 percent in June, the Office for National Statistics reported Wednesday.

RTTNews | 13 dagar sedan

UK GDP Rises More Than Expected

The UK economy expanded more than expected in the second quarter but the overall growth softened as US frontloading propelled growth at the start of the year. Gross domestic product expanded 0.3 percent in the second quarter largely driven by growth in the service sector, the Office for National Statistics reported Thursday. Although the rate was stronger than the expected growth of 0.1 pe

RTTNews | 19 dagar sedan

UK Labor Market Cools In Q2

The U.K. labor market softened in the second quarter as wage growth eased, the unemployment rate held steady at a four-year high and job vacancies continued to decline sharply, official data revealed on Tuesday. The ILO jobless rate held steady at 4.7 percent in the second quarter, figures from the Office for National Statistics revealed and was in line with expectations.

RTTNews | 21 dagar sedan

UK Job Placements Decline Sharply On Weaker Confidence & Budget Pressures

UK job placements logged a steep decline in July due to weaker confidence around the economic outlook and rising employment costs, monthly data from S&P Global showed Monday. Permanent staff appointments declined sharply in July and temp billings registered its biggest fall in five months, the KPMG/REC Report on Jobs said.

RTTNews | 22 dagar sedan

Bank Of England Cuts Rate In Tight Vote

The Bank of England reduced its benchmark interest rate in a close call on Thursday suggesting that the monetary easing cycle is nearing an end as policymakers became more concerned about persistent inflation. The Monetary Policy Committee, headed by BoE Governor Andrew Bailey, voted 5-4 to cut the bank rate by 25 basis points to 4.00 percent.

RTTNews | 26 dagar sedan

UK House Prices Rise At Fastest Pace In 6 Months

UK house prices grew at the fastest pace in six months in July as the property market started to stabilize following the end of the stamp duty holiday, data from the mortgage lender Halifax showed on Thursday. House prices increased by more-than-expected 0.4 percent in July from June. Prices were expected to grow at a steady pace of 0.1 percent in July. Moreover, this was the fastest growth sinc

RTTNews | 26 dagar sedan

EURUSD	1.16633	GBPUSD	1.33975	AUDUSD	0.65231
USDJPY	148.081	USDCAD	1.3794	USDCHF	0.8024