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[snoop1130]

Brexit crisis spurs collapse in UK construction orders - PMI

 

FILE PHOTO: Cranes fill the sky above a construction site in central London, Britain August 21, 2018. REUTERS/Phil Noble

 

LONDON (Reuters) - British construction companies suffered the sharpest drop in new orders since the depths of the financial crisis last month as the Brexit crisis scared away potential customers, a survey showed on Tuesday.

 

The IHS Markit/CIPS UK Construction Purchasing Managers’ Index (PMI) fell to 45.0 from 45.3 in July, confounding expectations for an improved reading of 45.9 in a Reuters poll of economists.

 

Overall, the survey is likely to add to questions over Britain’s ability to bounce back from an economic contraction in the second quarter, a hangover from the stockpiling boom in advance of the original March Brexit deadline.

 

Another contraction in the current quarter would officially herald a recession.

 

The growing signs of a wilting economy — similar to elsewhere in Europe — raise the stakes for Prime Minister Boris Johnson in his standoff with Brussels.

 

The PMI’s new orders index fell to its lowest level since March 2009, when Britain was deep in its last recession.

 

“Domestic political uncertainty continued to hold back the UK construction sector in August, with survey respondents indicating that delays to spending decisions had contributed to the sharpest fall in new work for over 10 years,” IHS Markit economist Tim Moore said.Business expectations across the construction industry as a whole, which accounts for around 6% of economic output, fell to their lowest level since December 2008.

 

Brexit doubts hit the commercial construction sector hardest, IHS Markit said.

 

Investors will be watching Wednesday’s PMI for the much larger services sector to see if the weak readings from the manufacturing and construction surveys are reflective of the whole economy.

 

British manufacturing contracted last month at the fastest rate in seven years, IHS Markit said on Monday.

 

-- © Copyright Reuters 2019-09-03

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[Mavideol]

8 minutes ago, snoop1130 said:

Brexit doubts hit the commercial construction sector hardest, IHS Markit said.

 

9 minutes ago, snoop1130 said:

British manufacturing contracted last month at the fastest rate in seven years, IHS Markit said on Monday.

no comments.... it speaks for itself but quite sure brexiters will have a plausible (saying either fake news or it's not that bad) explanation

[Baerboxer]

17 hours ago, Mavideol said:

 

no comments.... it speaks for itself but quite sure brexiters will have a plausible (saying either fake news or it's not that bad) explanation

 

They'll blame the "Remoaners" as usual. Anyone's fault but theirs and their heroes.

 

As Britain's economy and finances crumble, it safe to assume R-Mogg, Boris, Farage, etc will be lining their own pockets and profiting from it personally. So all's well in Brexit Unicorn wonderland!

[billd766]

46 minutes ago, Baerboxer said:

 

They'll blame the "Remoaners" as usual. Anyone's fault but theirs and their heroes.

 

As Britain's economy and finances crumble, it safe to assume R-Mogg, Boris, Farage, etc will be lining their own pockets and profiting from it personally. So all's well in Brexit Unicorn wonderland!

Why should they NOT blame the Remainers?

 

After all this has been a Remainer government for years, certainly since 2016. Who has been running the campaign to get the UK out of the EU?

 

Try Teresa May, Philip Hammond and their motley crew for the last 3 years.

 

Have their been any Leavers in control of Brexit?

[Percy P]

1 hour ago, Baerboxer said:

 

They'll blame the "Remoaners" as usual. Anyone's fault but theirs and their heroes.

 

As Britain's economy and finances crumble, it safe to assume R-Mogg, Boris, Farage, etc will be lining their own pockets and profiting from it personally. So all's well in Brexit Unicorn wonderland!

Britain wants to become a self governing nation no governed  by Brussels Whats wrong with that. What country you from. 

Catalonia also wanted independence but no you have to stay in the EU block.

[Loiner]

 

....confounding expectations for an improved reading of 45.9 in a Reuters poll of economists.

 

.

 

More ex-spurt economists getting it wrong. And the Remainers base their whole argument on the same bunch of pundits economic predictions

[puipuitom]

2 hours ago, billd766 said:

Why should they NOT blame the Remainers?

 

After all this has been a Remainer government for years, certainly since 2016. Who has been running the campaign to get the UK out of the EU?

 

Try Teresa May, Philip Hammond and their motley crew for the last 3 years.

 

Have their been any Leavers in control of Brexit?

Look at the foreign currency exchange: Brexit no deal more a thread, GBP goes down, Brexit no deal less a thread, GBP  goes up. About every financial and businessperson warned already sicne before the referendum, but.. the British wanted to continue to commit suicide, so..let them go and feel the consequenses, being the only cure of this nonsense Brexit disease.

[dunroaming]

1 hour ago, Loiner said:

 

More ex-spurt economists getting it wrong. And the Remainers base their whole argument on the same bunch of pundits economic predictions

My ex has a lot of shares in her old company, one of the biggest builders in the world.  Dropped like a stone.  As a shareholder she was warned of this by letter some months ago so saw it coming.

 

Of course the usual people will be calling project fear but that chant has become completely pathetic now.  This is just reality.

[puipuitom]

2 hours ago, Percy P said:

Britain wants to become a self governing nation no governed  by Brussels Whats wrong with that. What country you from. 

Catalonia also wanted independence but no you have to stay in the EU block.

Where you get the nonsense from, "Brussels" govens AYNTHING ?

The EU council, exists of the heads of governments of the EU member states, with as present president: Tusk. No deal here =nothing happens, so ALL decissions are agreed with also the British PM ( who for sure will have a LOT of backtalk with her ministers, gov. advisers, and even leaders in Parliament)

The EU committee, a kind of ministers, with a commissioner from eacht EU member state. Present president: Juncker, future: Von der Leyen.

EU Parliament, inclusive 70+ British members.

 

 

[bristolboy]

2 hours ago, Percy P said:

Britain wants to become a self governing nation no governed  by Brussels Whats wrong with that. What country you from. 

Catalonia also wanted independence but no you have to stay in the EU block.

Bad example. Catalonia definitely doesn't want to leave the EU.

BARCELONA — Catalonia's feisty independence advocates are as ­pro-European as they come. But they are discovering that E.U. leaders are not returning their love.

Deep into a crisis in which the separatist region declared independence from Spain, only to be taken over by the Madrid government, many pro-E.U. Catalans say they are disappointed that the European Union has done little to defend them.

https://www.washingtonpost.com/world/europe/catalan-separatists-counted-on-support-from-the-eu-but-they-got-the-cold-shoulder/2017/11/01/62df9380-be6b-11e7-9294-705f80164f6e_story.html

The Catalans have always been the most economically dynamic part of Spain. They appreciate the economic value of being in the EU.