UK Industrial & Construction Output Fall Unexpectedly
UK Industrial & Construction Output Fall Unexpectedly
Output in construction was driven lower by a fall in new work
09 July, 2017, 00:33
Industrial output grew 1.9% in May from April, when it fell 0.6%.
On Thursday, the leader of one of Britain's main business lobby groups put her organization's weight behind ongoing membership of the EU single market as well as the customs union.
Sterling dipped below $1.29 after Friday's data and hit its lowest level since June 28.
Meanwhile the construction industry also endured a hard month, failing to reverse April's 1.1 per cent decline by dropping 1.2 per cent in May against forecasts of 0.5 per cent growth.
However, reacting to the latest economic figures, Peter Dixon, an economist at Commerzbank, said: "It's all building up a pattern here that says the economy is clearly losing momentum".
EY Item Club chief economic adviser Howard Archer says the figures come on the back of several months of soft data and are set to drag of Q2 GDP growth. "Under those circumstances, the timing of the hawks on the Monetary Policy Committee pushing for a rate hike doesn't look great".
Samuel Tombs, chief United Kingdom economist at Pantheon Macroeconomics, said the industrial production data increased the likelihood of the Bank of England's Monetary Policy Committee keeping interest rates on hold at 0.25 per cent.
The strength of next Wednesday's official data on wages is now likely to be critical for BoE policymakers as they mull whether to raise interest rates from their record low 0.25 percent.
United Kingdom industrial production and construction output dropped unexpectedly in May, weighing on the economic growth for the second quarter. Industry figures have shown a fall in new auto sales.
The total trade deficit widened by £2.0 billion to £8.9 billion in the 3 months to May, driven by large increase in imports in March and then a further increase in May.
Similarly, manufacturing output dropped 0.2%, offsetting a 0.2% rise in April.
Qatar has refused to comply with the 13 demands made by the Saudi-led quartet, so now the ball is in their court. Al Mu'allemi stressed that Qatar's continued support for terrorism has made Doha a haven for terrorists.
The rule also provides automatic relief for students who are unable to finish their degrees because their school closes. A spokeswoman for DeVos did not immediately respond to a request for comment Thursday.
The agency singled out health care, social assistance, financial activities and mining as sectors where jobs were added. When those workers are taken into account, the jobless rate rose to 8.6 percent last month from 8.4 percent in May.
Negotiators representing two-thirds of the 192-member United Nations finalized the 10-page treaty this week after months of talks. In October 2016, the UN General Assembly voted to negotiate and conclude a treaty prohibiting nuclear weapons .
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Froome came home third behind Ireland s Dan Martin in second, and took over the yellow jersey from Sky team-mate Geraint Thomas . "The short stages are much more exciting and intense".
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USA trade deficit narrows as exports hit two-year high
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BeiGene, Ltd. (BGNE) Director Sells 5539 Shares of Stock
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Microsoft plans cuts in reorganisation
There will also be a few cuts at the firm's headquarters in Redmond, Washington, the Seattle Times reported. Microsoft has 121,000 employees on its payroll with 71,000 of them living in the US.