UK Construction Falls in May

Government hopes of a construction revival were dashed in May after output stayed flat compared with the previous month.

A slump in recent months means output in May is almost 5% below where it was in the same month in 2012, said the Office for National Statistics.

The lacklustre performance of the sector, which accounts for around 6% of national output, will temper expectations that the UK’s economic growth picked up speed during the spring.

The ONS blamed bad weather and the two bank holidays in May this year compared with only one last year. But it also highlighted “subdued underlying demand” for the sector’s woes.

Construction has traditionally driven previous recoveries as commercial and retail projects combined with housebuilding to spur GDP growth and employment.

via The Guardian

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza