United Kingdom construction stuck in 'devastating' downturn as Brexit deters building projects

Japan PMIs better for services than manufacturing

A manufacturing PMI on Tuesday showed factory activity contracted at its steepest rate in nearly seven years last month and a services PMI published on Thursday dropped to 51.6 from August's 53.5 - the lowest since the start of the year.

The Markit Stanbic Bank Kenya Purchasing Managers' Index (PMI) for manufacturing and services rose to 54.1 in September from 52.9 in the previous month. A reading below 50 indicates contraction.

Firms saw an extension of the decline in new orders during September, recording a 15th successive monthly fall in total demand.

A historically steep drop in new orders was also registered, while firms trimmed employment at the fastest rate since the end of 2010 due to unfavourable demand, client hesitancy and low confidence. "After a relentless six-month decline in order books driven by Brexit uncertainty and political indecision, this is hardly surprising".

Commenting on the latest survey results, Pollyanna de Lima, Principal Economist at IHS Markit, said: "We've seen the gradual slowdown in manufacturing sector conditions continue in the second quarter of fiscal year 2019-20, with the PMI average for the quarter at its joint-lowest since the same period in 2017".

Pakistan might conduct 'cross-border activities' after India's Kashmir move
Minister for Railways Sheikh Rashid Ahmad briefed the meeting about the ML-1 project and its benefits for the country. The Prime Minister said the country's future is linked to economic progress.

The strong dip in sales coincided with a further tapering of purchasing activity by United Kingdom construction companies in September. This in turn had significant knock-on effects on construction employment with the biggest fall in staffing levels since December 2010.

Construction firms also said they were "mildly optimistic" that business will improve over the next 12 months, but would be dependent on the Brexit outcome and economic trends improving worldwide.

Joe Hayes, Economist at IHS Markit, said: "Activity is being pulled down at its second-fastest clip for over a decade as firms are buffeted by client hesitancy, heightened Brexit uncertainty and a weak outlook for the United Kingdom economy". The details of the report were also poor, with dismal numbers on new business and employment.

The violence added to overall uncertainty and unease over economic growth, which is set to expand by less than 1% in 2019, raising the risk of further credit rating downgrades and more hard conditions for businesses and consumers.

Related News:

Most liked

Jamal Khashoggi's fiancee admits she partly blames herself for his death
He wrote on Twitter , "The greed of Goldman Sachs, JPMorgan, Citigroup and BlackRock is insatiable". As a communications major, she said it's important for her to support things like this.

Call Of Duty Mobile PS4 Controller Support - Does It Work?
The prices of the in-app purchases range from an ultra-cheap and reasonable 99 cents all the way up to an insanely expensive $100. If you're anxious about being able to play with friends if you forego linking Facebook , don't be.

Pompeo accuses Democrats of bullying in impeachment probe
Republicans are split over how President Donald Trump should respond to impeachment proceedings. The call took place days after Trump withheld congressionally approved aid to Ukraine.

Kylie Jenner And Travis Scott ‘Step Away’ From Their Relationship
This past weekend Jenner was on hand at Justin and Hailey Bieber's wedding without Scott, but accompanied by her daughter Stormi . News: " Kylie and Travis aren't officially calling it quits on their relationship, but are taking space apart".

Knife-wielding man launches deadly attack at Paris police headquarters
At least four officers have died in a brazen knife attack at Paris' police headquarters, according to reports. Union official Loic Travers said several officers were injured during the midday attack on Thursday.

Google's Password Manager Now Warns About Compromised Accounts
Google is looking to secure users of its Chrome browser with a new security tool that monitors if passwords have been compromised. Whether the passwords are considered weak and can be easily brute forced by an attacker.

Five things to know for Rams-Seahawks 'TNF' game
Seahawks running back Rashaad Penny, meanwhile, is likely to be fit despite being listed as questionable due to a hamstring issue. Last season, the Rams won 33-31 in Seattle in October, before beating the Seahawks in Los Angeles 36-31 a month later.

Woman climbed into Bronx Zoo exhibit to taunt lion
According to a NY police statement, an investigation is under way looking into the incident but an arrest has not been made yet. Authorities in NY have called it a "serious violation" and added that they have a "zero-tolerance policy for such behaviour".

UBS releases 2019 global real estate bubble index
Some of Europe's biggest cities are most at risk of a housing bubble thanks to super-low interest rates in the eurozone. UBS placed Toronto in the number two position behind Munich as most overvalued and at risk of a bubble collapse.

Iraqi police open fire to disperse new protests in Baghdad
The protests follow months of simmering frustration over rampant power cuts, water shortages and state corruption. The protesters also blocked the main street of Baghdad airport as dozens seized the facility's main entrance.

China marks 70th anniversary with military parade
Hong Kong leader Carrie Lam suspends work on the bill on June 15 but a demonstration the next day calls for its full withdrawal. Protesters hurled gasoline bombs, bricks and other objects at police, who responded with volleys of tear gas.

Willian sends message to Chelsea teammates after Brighton victory
They were inches away from taking the lead when Tammy Abraham glanced a header which bounced against a post. Moments later, Alonso fired his own effort wide off a pass from fellow fullback Cesar Azpilicueta.

Global trade to see weakest growth since Great Recession: WTO
For 2020, volumes are now expected to grow by 2.7%, compared to an initial estimate of 3.0%. The WTO report helps draw a clear line between trade conflicts and the slowing economy .

Launches with Australian & worldwide publishers
Apple has rolled out its News+ service in Australia, adding local titles from News Corp and Bauer. Indeed, Apple News+ sounds like the digital newsagency we've all been waiting for.

Liverpool vs. FC Salzburg - Football Match Report
The visitors pulled one back just three minutes later as Hee-Chan Hwang got away from Virgil van Dijk and sent a powerful finish past Adrian .