Construction output fell in May
The extra working day did little to help figures for the month
By CFOWorld staff | CFO UK | Published 09:59, 13 July 12
Construction output fell 6.3 percent in May despite an extra working day, data from the Office for National Statistics showed on Friday.
Non-seasonably adjusted data from the ONS revealed that companies failed to benefit from an extra working day in May as the public holiday was shifted to June to celebrate the Queen's Diamond Jubilee.
"As such, caution should be taken when interpreting the monthly movements in affected outputs involving May and June 2012," the ONS said.
Between March and May construction output fell 7.4 percent compared to the same three months in 2011, with the main drag coming from new public housing work, which plunged by 22.9 percent.
Construction activity fell at its fastest pace in two-and-a-half years in June, a Purchasing Managers' Survey showed earlier this month, as underlying business conditions worsened and the extra public holiday hit output.
The UK fell back into its second recession in four years at the turn of the year and a recent slew of gloomy data has raised fears that the downturn extended into the last quarter.
The Bank of England last week announced a £50 billion top-up to its asset purchase programme in an effort to boost an economy struggling to return to growth.
Share:Facebook Twitter Google Plus Stumble Upon Reddit Share This Email this article
Alex Hope, MD of Double Negative, explains what the autumn statement really means for UK VFXmore ..
'We didn't put the hardware and software together soon enough,' says former CEO in his first public appearance since retiring last monthmore ..
Civil engineering outpaced that of house building in Februarymore ..
Deal will support around 36,000 employees operating in 180 countriesmore ..
Regulators recognise the value of storytellingmore ..
OPINION: UK Inc. needs a confidence booster from the Exchequer, not hot air from Westminstermore ..