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The UK construction industry in July PMI hit a seven years low UK recession or will come in the third quarter

by:Deyuan      2020-12-23
Following Monday ( August 1) Britain announced disappointing in July after manufacturing PMI, on Tuesday, On August 2) Construction in July PMI ensued. Before refund the referendum has weakness of construction performance in expected pessimistic. Report points are as follows:

construction PMI in July fell to their lowest since June 2009, 46 by June. 0 dropped to 45. 9, more and more far away from the 50 from line. However, better than the previous experts estimate of 43. 8.

all areas fell, but fell mainly by building a drag on commercial real estate.

the employment situation worsened for the first time in three years, optimism. The index is falling at the fastest pace since November 2012, 52 by June. Five fell to 49. 3.

this a series of data to add the risk of the economic contraction in the third quarter.

Market, chief economist at ChrisWilliamson comment said: & other; The construction contract for the second consecutive month in July, this point to Britain withdrew the related concerns the impact on the economy is continuing, and at the same time the risk of recession. ”

” If the construction of PMI and the manufacturing PMI and services PMI initial value, the combination of all the 51 industry PMI will from June. 9 fell to 47. 3, this is since April 2009, the depth of the enterprise activity decline, 4. 6 decline is since records began in 1997, the survey of the worst situation. We will wait for tomorrow's services PMI final value. ”

” Although we remain cautious attitude in order to avoid to read too much into data, but after months of survey of Britain's political and economic uncertainty have been very nervous, and more of today's data shows that the British economy is in recession in the third quarter. ”

the response for policy makers, Williamson said: & other; Descending level still has great uncertainty, and it also depends on the reaction of weak data policy. It seems this week the bank of England cut growth expectations and cut its benchmark interest rate fell to zero. It is imperative to a record low of 25%. Policymakers also will discuss the further plan of unconventional, such as additional quantitative easing and financing in lending plan update. Pressure are proliferating, policymakers need to new creativity in an effort to stimulate demand. ”

however, due to data better than expected, the pound risen, versus the $0. 11% to 1. $3222 per pound.

and the stock market is opposite, be negative impact of this series of data, the ftse 100 index fell into a two-week low of 6631 points.
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