UK Data Disappoints Again
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- July 4, 2017
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Growth in Britain’s construction industry slowed in June, adding to signs that the economy might be struggling to regain much momentum after a lacklustre start to the year, a survey showed on this morning.
The Markit/CIPS UK Construction Purchasing Managers’ Index fell to 54.8 from May’s 18-month high of 56.0, slightly below the median forecast in a poll of economists for 55.0.
The Bank of England is pondering whether to raise interest rates for the first time in a decade and is watching for signs that other areas of growth can offset a consumer spending slowdown, caused by a rise in inflation and a slowing in pay growth.
On Monday, a PMI survey for the manufacturing sector came in weaker than economists’ forecasts. Factory exports increased at the slowest rate in five months.
Next key UK figures will be on Friday, we have the UK Industrial and Manufacturing production as well as the trade balance figures. If all comes out as expected we could see the pound boost, however the figures from the last two days hint towards weaker data.
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