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UK Weekly Commentary - 06 July 2020

UK weekly commentary from Awa Brokers covering highlights, what we’re thinking about the markets and what your clients may be asking this week.


What we think

Despite an indication of expansion in the construction industry, consumer confidence plunged by 1.6% points in June. Economic expectations, spending, savings and investments also fell. The employment rate in the three months to April 2020 was estimated at 76%, 0.3 percentage points higher than a year earlier but 0.1 percentage points down on the previous quarter, according to data released by the Office for National Statistics (ONS).

Week ahead

Construction PMI (Jun) – The Construction Purchasing Manager's Index rose to 55.3, from a previous reading of 28.9, an indication of expansion in the construction industry.


Housing Equity Withdrawal (QoQ) – The value of Housing Equity Withdrawal fell to -5.1 billion, from a previous reading of -5.0 billion.


Halifax House Price Index (MoM) (Jun) – The change in price of homes is expected to decline by 0.9%. Home prices hit a five-month low of -0.6% in May.


Halifax House Price Index (YoY) (Jun) – House prices rose 2.6% YoY in June, below a previous reading of 2.7%.


Labour Productivity (Q1) – Labour productivity (Q1 Jan – Mar), as measured by output per hour fell by 0.4%, when compared with the same quarter in the previous year. Output per worker also fell by 2.9%, compared with the same quarter in the previous year.


RICS House Price Balance (Jun) – House prices slumped to -32% (as of June 10), lowest since 2010, from -22% (as of May 13).


Thomson Reuters IPSOS PCSI (Jul) – The Primary Consumer Sentiment Index slid to 40.7 in June, from 42.3 in May.


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