Monday, September 5, 2011
What next for UK housing?
Services surveys point to slowdown
''Activity in the UK service sector appeared to slow sharply in August, suggesting the economy’s problems have become broader and more acute over the summer. The Markit/CIPS services purchasing managers’ index fell from 55.4 in July to 51.1 in August, a bigger monthly drop than at any time during the last recession. Economists had expected a much smaller decline. The services sector, which includes transport, financial services and hotels and restaurants, accounts for the vast majority of gross domestic product in the UK.''
Posted by hpwatcher @ 11:55 AM (1029 views)
3 thoughts on “What next for UK housing?”
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hpwatcher says:
Another small bit:-
”In the UK services sector, backlogs of work shrank, employment declined and business expectations dropped to the lowest level in a year. Companies reported slower growth of new business and a general sense of economic uncertainty.
“There can be little doubt that the underlying growth profile of the sector has weakened,†said Paul Smith, senior economist at Markit, which compiled the survey. However, he added that the riots that affected several cities last month probably also played a role in the weak survey responses.
Services companies reported that their input prices were still rising quickly, though not as fast as the month before. However, they were increasing their own prices much more slowly, suggesting they do not believe there is enough demand for them to pass on their rising costs.”
general congreve says:
Well first the stock market gets routed and now this. I couldn’t have predicted it, what with all the growth about and that.
general congreve says:
I’m getting scared, where’s the reassurances that it will all be ok?