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  • The Market/CIPS Construction PMI indicated that the UK construction output in November expanded at its slowest rate since October 2013. The Construction PMI dropped to 59.4 from 61.4 in October. All three broad areas of construction activity registered softer rates of expansion in November, led by a marked slowdown in civil engineering. The latest expansion of civil engineering activity was the weakest since July 2013. Meanwhile, residential building was the strongest performing area of activity in November. However, house building and commercial construction activity both expanded at the least marked rates since October 2013.
  • UK house prices in the three months to November were 0.7% higher than in the preceding three months, according to the Halifax House Price Index. The quarterly rate of increase has now declined for four consecutive months. Annual house price growth continues to slow; prices in the three months to November were 8.2% up on a year earlier. This compares to annual growth of 8.8% in October.


  • At their December meeting the Bank of England’s MPC left the bank base rates unchanged at 0.5%. Rates have been held at this slow level since March 2009. 
  • The upturn in the UK manufacturing sector continued in November, according to CIPS. The Markit/CIPS UK Manufacturing PMI in November stood at a four month high of 53.5 and a level above the no-change mark of 50.0 for the twenty-first successive month. The domestic market remained the main pillar supporting the upturn, while the trend in new export orders remained subdued.

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