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  • Seasonally adjusted construction output fell by 1.1% between May and April, according to estimates from the Office for National Statistics (ONS). Output over the last three months was down 0.8% on the previous quarter, due to a renewed fall in commercial work, contracting infrastructure work. Growth in private housing remains positive, but the rate of expansion has slowed in recent months. Over the same three month period output remains up on a year ago, by 4.9%.


  • The latest round of economic data has contrasted with the view that the economic recovery is becoming more balanced away from consumer spending. The latest British Chamber of Commerce quarterly survey found that growth is easing in both business investment and exports. A separate survey by Deloitte found that major British companies appetite for risk and investment eased between the first and second quarters of this year. 65% of Chief Financial Officers surveyed said that now is a good time to take on risk, down from 71% in the first quarter, suggesting business investment may ease with next year’s general election cited as a probable cause.
  • Salary offers for new staff rose at the fastest pace in at least 17 years in May, according to a survey by Markit and the Recruitment and Employment Confederation. This suggests that spare capacity in the economy is dwindling quickly which points to the Bank of England raising interest rates sooner rather than later. However the  buoyant readings from the survey are yet to be matched in official data.

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