The UK economy unexpectedly grew 0.1% in August 2024, defying expectations. However, the construction sector continued its downward trend, marking its fourth consecutive monthly decline. Monthly output fell 0.2%, with new work dropping 0.7%.
Private housing new work saw the steepest decline, falling 1.9%, posing a challenge for government home-building targets. July's figures were also revised downward from a 0.1% increase to a 0.5% fall.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing