{"id":143014,"date":"2019-03-05T10:32:02","date_gmt":"2019-03-05T15:32:02","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=143014"},"modified":"2019-03-05T09:54:40","modified_gmt":"2019-03-05T14:54:40","slug":"uk-construction-posts-first-decline-in-11-months","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2019\/03\/uk-construction-posts-first-decline-in-11-months\/","title":{"rendered":"UK Construction Posts First Decline In 11 Months"},"content":{"rendered":"
March 5, 2019<\/div>
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By Orbex<\/a><\/strong><\/p>\n

There are just over 20 days ahead of the UK\u2019s official departure date from the EU. And\u00a0the latest domestic economic data has given further evidence of the negative impact of Brexit uncertainty.<\/p>\n

The HIS Markit\/CIPS UK Construction PMI covering February showed that construction spending fell over the month. This marked the reading\u2019s first decline in eleven months.<\/p>\n

The decrease is mainly due to a reduction in commercial building and civil engineering activity, as client demand has waned on the approach to Brexit.<\/p>\n

The survey showed that supplier delivery times had also risen by their largest amount since August 2018. Some businesses have blamed stockpiling undertaken by UK manufacturers on creating shortages in transport availability and longer wait times.<\/p>\n

Brexit\u00a0Anxiety Intensified<\/strong><\/h2>\n

Tim Moore who is an economic associate at IHS Markit, explained:<\/p>

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\u201cThe UK construction sector moved into decline during February as Brexit anxiety intensified and clients opted to delay decision-making on building projects.\u201d<\/p><\/blockquote>\n

Moore went on to say:<\/p>\n

\u201cRisk aversion in the commercial sub-category has exerted a downward influence on workloads throughout the year so far. This reflects softer business spending on fixed assets such as industrial units, offices and retail space. The fall in commercial work, therefore, hints at a further slide in domestic business investment during the first quarter, continuing the declines seen in 2018.\u201d<\/p><\/blockquote>\n

Brexit Vote on Watch<\/strong><\/h2>\n

The upcoming Brexit vote, scheduled to be held by March 12th<\/sup>, will now be keenly watched by consumers and businesses alike.<\/p>\n

A failure to pass the deal will mean that MPs will have the chance to vote on whether to continue\u00a0with a\u00a0no deal Brexit<\/a>\u00a0or ask for\u00a0an extension<\/a>\u00a0to the March 29th<\/sup>\u00a0deadline.<\/p>\n

Technical Perspective<\/strong><\/h2>\n

\"UK100\"<\/a><\/p>\n

After trading up to breakout above the 7195.6 level resistance, the FTSE has since retraced lower after finding resistance at a test of the broken 7265.3 lows. While price remains above the 7001.9 level support, focus remains on a further run higher. Long term bearish trend line resistance is the next technical level to watch.<\/p>\n

By Orbex<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

By Orbex There are just over 20 days ahead of the UK\u2019s official departure date from the EU. And\u00a0the latest domestic economic data has given further evidence of the negative impact of Brexit uncertainty. The HIS Markit\/CIPS UK Construction PMI covering February showed that construction spending fell over the month. This marked the reading\u2019s first […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-143014","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/143014","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=143014"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/143014\/revisions"}],"predecessor-version":[{"id":143019,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/143014\/revisions\/143019"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=143014"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=143014"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=143014"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}