U.K. Construction Growth Unexpectedly Climbs to Seven-Month High
Tuesday, 3 July 2018 16:06 WIB |
ECONOMY |PMI U.K.Ekonomi inggris
U.K. construction growth unexpectedly accelerated to the fastest in seven months in June as new orders increased and house-building boosted activity.
IHS Markit said in a report Tuesday that its Purchasing Managers™ Index for the sector climbed to 53.1 last month, up from 52.5 in May and beating economists™ forecasts for no change. New orders had their strongest rise in more than a year, while residential and commercial work also picked up.
The better data comes as a boost for an industry that was particularly hurt by the snow and storms in the first quarter. It also suggests the U.K. economy may have seen a significant rebound in the second quarter, fitting with the thesis of Bank of England officials and boosting the chance of another interest rate hike as soon as next month.
A report Monday showed manufacturing growth edged higher in June, albeit as the industry ended its worst quarter since 2016. A similar gauge for services, which make up the biggest part of the U.K. economy, will stay at 54 when it is published on Wednesday, according to economists in a Bloomberg survey.
Source : Bloomberg