Week ahead 9 November

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The main focus this week will be the UK construction report

An insight into the drivers of weak construction

Estimates of the construction industry’s output in September and the third quarter are due Friday. The report should shed some light on the drivers of the sector’s recent weakness. The performance of construction since the general election in May has been weaker than expected: the preliminary estimate of GDP in the three months to September showed a sharp fall in the sector’s output. The impact of the weakness in construction on the supply chain is not yet clear.

Watching for signs of further labour market tightening

The monthly UK labour market report is due on Wednesday. The Bank of England will be closely watching for any signs that the labour market has tightened further. In the three months to August, the ILO unemployment rate fell to a seven-year low and annual growth of average weekly earnings eased slightly from a six-year high in the previous period. Wage growth in manufacturing picked up to a nine-month high but continued to lag that of the whole economy. Last week’s quarterly update of the BoE’s inflation report suggested that official interest rates will not start to rise until during the first half of next year.


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