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United Kingdom construction PMI hits seven-month low in November
So far the survey data were pointing to a rate of growth in gross domestic product of 0.6% in the fourth quarter, Williamson said. This puts the economy is on course to have grown by 2.4% in 2015.
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Growth in French private-sector business activity slowed in November following the attacks in Paris, data showed today.
Manufacturing and construction both saw slower rates of expansion, though continued to show robust growth.
More than half of the 170 construction purchasing executives surveyed (55 per cent) remained upbeat, forecasting a rise in output over the year ahead, while only 5 per cent anticipated a fall.
LONDON, Dec 3 (Reuters) – Britain’s economy looks likely to pick up speed towards the end of the year, propelled by services companies which are increasingly the sole driving force behind the country’s upturn.
Hopes of a pick-up in the United Kingdom economy were boosted after figures showed growth in the dominant services sector jumped to a four-month high in November.
Employment among construction firms rose at the slowest pace since September 2013.
Chris Williamson, Chief Economist at Markit, highlighted the resilience of hiring – despite widespread difficulties in finding new staff and concerns about the impact of the National Living Wage – which in turn led to reports of rising wages. Input prices, which include wages, rose at the fastest pace in four months. That was also shy of the flash 54.6 but in one sign of optimism, firms increased headcount at the fastest rate in six months. Moreover, the sustained weakness of selling price inflation suggests that policymakers will be in no rush to tighten policy. Latest data also signaled that inflationary pressures remained relatively weak. This forecast assumes a modest increase in wage growth, but any surprise sharp acceleration in pay growth could result in rates rising as soon as May, especially if the Fed leads the way with a rate rise at its December meeting.
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On the index, a level above 50.0 indicates expansion in the industry, below 50.0 indicates contraction.