Arab Today, arab today construction drop dents uk hopes of end to recession
Last Updated : GMT 18:57:34
Arab Today, arab today
Arab Today, arab today

Construction drop dents UK hopes of end to recession

Arab Today, arab today

Arab Today, arab today Construction drop dents UK hopes of end to recession

London - Arabstoday

British firms built less in May than a year earlier even with an extra working day, official data showed yesterday, further denting hopes that the struggling economy emerged from recession in the second quarter. The country fell back into its second recession in four years at the turn of the year and a recent slew of gloomy economic data has raised fears that the downturn extended into the April-June period. Construction output dropped 6.3 percent in May on a non-seasonably adjusted basis, the Office for National Statistics said, warning that caution should be taken when interpreting the monthly movements involving May and June 2012. Firms failed to benefit from a May public holiday being postponed until June, when another day was added to celebrate the Queen\'s Diamond Jubilee. \"This (data) supports our view that the economy remained in recession in the second quarter,\" said Vicky Redwood at Capital Economics. \"In theory there should have been a boost to those numbers from the extra day, so the underlying trend is even worse than those numbers point to.\" Between March and May construction output fell 7.4 percent compared to the same three months in 2011, the ONS said. New public housing work plunged by 22.9 percent, while volumes of new public non-housing excluding infrastructure and new infrastructure fell by almost as much. Official data earlier this week showed manufacturers got a lift in May from the postponed holiday, a move which then boosted retail sales in June according to a survey. Construction activity fell at its fastest pace in 2-1/2 years in June, a Purchasing Managers\' Survey showed earlier this month, and sister surveys found that the manufacturing sector contracted for the second straight month while the dominant service sector endured one of its worst months in the past three years. The economy has been basically flat for two years and is not showing a great deal of signs of impending recovery, Bank of England Gov. Mervyn King said earlier this week. Economists in a Reuters poll see tepid growth ahead at best, with only a small bounce from London\'s hosting of the Olympic Games, leading to calls for the government and BoE to act. The government\'s hands are tied by its commitment to bring down the country\'s budget deficit, but the central bank last week announced a 50 billion pounds top-up to its asset purchase program in an effort to boost the economy and yesterday released details of its \"funding for lending\" program. Under the scheme around 80 billion pounds ($123 billion)of loans will be made more accessible and cheaper for households and businesses, as part of efforts to lift the economy out of recession. Chancellor of the Exchequer George Osborne and Gov. King jointly announced the scheme last month, under which the BoE will give banks cheap access to finance if they then lend in turn to cash-strapped businesses and home-buyers. \"I\'d question the extent to which the lack of bank finance is really beginning to make its presence felt because the construction sector relies on finance to act as life blood for getting buildings off the ground,\" said Peter Dixon, economist at Commerzbank. \"If it\'s not there, it\'s going to hold back activity to some extent.\" From arabnews

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today construction drop dents uk hopes of end to recession Arab Today, arab today construction drop dents uk hopes of end to recession

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today construction drop dents uk hopes of end to recession Arab Today, arab today construction drop dents uk hopes of end to recession

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today EasyJet, Lufthansa among seven to bid

GMT 06:49 2017 Tuesday ,17 October

EasyJet, Lufthansa among seven to bid
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Israeli court convicts Palestinians of 2016

GMT 04:39 2017 Tuesday ,17 October

Israeli court convicts Palestinians of 2016
Arab Today, arab today Iran's Facebook shuts down

GMT 23:50 2017 Monday ,16 October

Iran's Facebook shuts down
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Sidem reveals plan to improve education

GMT 15:52 2017 Friday ,06 October

Sidem reveals plan to improve education
Arab Today, arab today British actress becomes fifth woman

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman
Arab Today, arab today Three killed, 360,000 without power

GMT 05:11 2017 Tuesday ,17 October

Three killed, 360,000 without power
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Britain's Vauxhall to cut 400 jobs

GMT 10:53 2017 Sunday ,15 October

Britain's Vauxhall to cut 400 jobs
Arab Today, arab today Anoshka happy for reactions to her talk show

GMT 12:33 2017 Friday ,13 October

Anoshka happy for reactions to her talk show
Arab Today, arab today India to close colonial-era military farms

GMT 18:49 2017 Monday ,16 October

India to close colonial-era military farms

GMT 10:55 2017 Thursday ,12 October

Safaa Sultan happy for “Love School”

GMT 10:37 2017 Thursday ,12 October

Cara Delevingne accuses Weinstein

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 12:02 2017 Saturday ,14 October

Conservation cutbacks put Brazil's

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 12:25 2017 Saturday ,14 October

Squeeze on UK health gives advanced

GMT 07:02 2017 Sunday ,15 October

German minister sparks uproar

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 03:59 2017 Sunday ,15 October

US mobile carriers Sprint, T-Mobile to merge

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday