British companies are planning to increase pay by 2.5% this year
This year, UK private-sector employers are planning to give staff a basic annual pay leap of 2…
American construction spending suddenly dives in December
In December, American construction spending suddenly declined because investment in both public and private projects decreased. It proves that the US economy lost momentum at the end of the previous year.
As the Commerce Department informed, construction spending slumped by 0.6% after an unrevised 0.8% ascend in November.
Market experts had foreseen construction spending would soar by up to 0.2% in December. The report extended the run of downbeat economic December data, which has come with housing starts, retail sales, home sales, and trade.
On a year-on-year basis, construction spending went up by 1.6% in December. It went up by 4.1% the previous year, which appears to be the weakest outcome since 2011. The publication of the December report was postponed by a five-week partial shutdown of the American government, which concluded on January 25.
December's dismal construction spending data could affect the government's fourth-quarter GDP estimate uncovered last Friday.
The government informed that the American economy shot up at a 2.6% annualized rate for the October-December period, speeding down from the third quarter's 3.4% tempo.
Spending on private construction projects went down by 0.6% in December having gone up by 1.3% in November. Moreover, investment in private residential projects went down by 1.4% having bounced off 3.4% in November. Apparently, the housing market has been suppressed by higher mortgage rates, costly building materials, land and also labor shortages. As for residential investment, it shrank by 0.2% last year.
Spending on private nonresidential structures, including power plants and manufacturing, tacked on by 0.4% in December having dived by 1.1% in November. As for spending on nonresidential structures, it went down in the third and fourth quarters.
Similar
British inflation jumps
The UK’s key inflation rate rallied in February, although stayed close to January's two-year minimum, assisting customers to preserve their spending power even as Brexit was still uncertain…
The Bank of England may support the GBP
The Monetary policy committee of the Bank of England will vote on the level of interest rate and release its monetary policy summary on March 21, at 14:00 MT time.
Latest news
Weekly CryptoNews
Did Bitcoin manage to recover and what was the hottest news in the crypto and blockchain world? Read and find out!
Most Asian stocks post strong revenues with Nikkei rising more than 2%
On Monday, Asian stocks traded mostly higher, with Shanghai bucking the trend because centrist Emmanuel Macron fully matched opinion survey hopes and left anti-EU far-right nominee Marine Le Pen behind…
Japan real wages surge is slowest in almost two years
Japan's March real wages went down at the fastest pace in nearly two years, weighed by minor nominal pay lifts as well as a moderate ascend in consumer prices, thus posing a setback for Prime Minister Shinzo Abe's tries to revitalize the Japanese…
Deposit with your local payment systems
