September 06, 2022 09:45 GMT
UK AUG CONSTRUCTION PMI 49.2 (FCST 48.1); JUL 48.9
EUROZONE AUG CONSTRUCTION PMI 44.2; JUL 45.7
GERMANY AUG CONSTRUCTION PMI 42.6; JUL 43.7
- August construction PMIs saw activity fall again across the Eurozone and UK, confirming weak economic outlooks and investing incentives. The backdrop of both high inflation and continued uncertainty driven by the war in Ukraine continues to cause construction demand to slump.
- The euro area recorded the steepest fall in new work since the onset of the pandemic, whilst the UK experienced the slowest new order growth since June 2020.
- Despite inflationary pressures being interpreted as slowing and beyond the recent peak, euro area confidence remains around mid-2020 levels. UK business confidence also remains well below average.
- A negative shift in employmentwas highlighted in the August construction PMIs. Jobs contracted in August in the euro area for the first time in two years and job shedding was the fastest since mid-2020. Job creation in the UK was the softest in 15 months. With the ECB keeping a keen eye on the health of the labour market heading into their Thursday meeting, employment reductions cropping up in other sectors could hint at weakening employment as rates increase going into the year-end.
Keep reading...Show less