UK Private Sector Growth Moderates On Services Activity

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

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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.

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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.

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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.

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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

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Downturn In UK Construction Activity Deepens

The UK construction sector downturn deepened in July as volumes of work carried out across all sectors decreased markedly, survey results from S&P Global showed on Wednesday. The headline construction Purchasing Managers' Index fell to 44.3 in July from 48.8 in June. The score signaled the sharpest contraction since May 2020.

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UK House Price Growth Accelerates In July

UK house prices grew at a faster pace in July reflecting steadily improving housing affordability and moderate fall in mortgage rates, Nationwide Building Society said on Friday. House prices increased 2.4 percent on a yearly basis in July, following June's 2.1 percent increase. Prices were expected to climb at a steady pace of 2.1 percent in July.

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UK Mortgage Approvals At 3-Month High

UK mortgage approvals rose to a three-month high in June and consumer credit increased notably, official data revealed on Tuesday. Approvals for house purchases increased to a three-month high of 64,167 in June from 63,288 in May, the Bank of England reported. Approvals were above economists' forecast of 63,000.

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