UK construction in biggest downturn since 2020; recruiters warn of tough business conditions – business live
Dollar slides after US president exempts carmakers from 25% tariffs on Canada and Mexico; euro and sterling reverse earlier gains
The eurozone saw the biggest slump in construction in three months in February, according to a separate survey.
There was a marked reduction in new orders while cost pressures eased, according to a monthly report from Hamburg Commercial Bank.
Unpleasant signals come from the Eurozone construction sector as the HCOB eurozone construction PMI in February shows deepening weakness that does not seem likely to fade soon. The recession now encompasses all three major Eurozone economies: Germany, France, and Italy.
Although the ECB, particularly executive board member Isabel Schnabel, has signalled a pause in the rate-cutting phase to await further dynamics, the construction sector makes it clear that a delay in rate cuts in interest-sensitive areas can be fatal.
Sharply declining order books rippled through the UK construction sector in February, which led to accelerated reductions in output volumes, employment and input buying. Weak demand conditions were attributed to entrenched caution among clients, against a backdrop of subdued consumer confidence and lacklustre economic performance.
Construction companies remain optimistic overall about their growth prospects for the next 12 months, albeit less so than on average in 2024 amid increasing concerns about the broader UK economic outlook. There were also signs that rising payroll costs and purchasing prices have become a source of anxiety, with the latest increase in overall business expenses the steepest since March 2023.
Continue reading...Topics
-
UK construction activity falls at fastest pace since 2020
PMI index declines to five-year low as housebuilding plummetsFinancial Times - 2h -
The Business Case for Inclusive Recruiting
How reducing bias elevates success.Inc. - 1d -
Trump tariffs on Canada, Mexico raises risks, tough choices for businesses
U.S. businesses are bracing for the impact of President Trump's new tariffs on Canadian and Mexican goods. After months of threats and pushed deadlines, Trump said Monday he would go ahead with ...The Hill - 2d -
Lammy hosts UK-Japanese private business roundtable
Meeting comes as Britain seeks to strengthen economic ties ahead of Tokyo trip next weekFinancial Times - Feb. 25 -
Apple cheers Trump with $500bn US investment plan; UK defence firm Chemring ‘targeted’ by private equity firm – business live
One of the world’s largest private equity investors has made an approach to buy Chemring, the FTSE 250 defence group, Sky News reports. German election live: Merz says priority is to make Europe ...The Guardian - Feb. 24 -
UK’s development investment arm spent £7mn on business class flights
Criticism of agency’s travel costs and big pay rises comes as pressure grows on aid budgetFinancial Times - Feb. 21 -
Man living in UK since 1995 fighting to bring wife
Yahoo News - 3d -
‘Everything has changed’: UK embarks on biggest arms drive since cold war
Decision to plunder the development budget brings end to era of Britain as an ‘aid superpower’Financial Times - Feb. 25 -
British Airways owner warns business travel may never return to pre-pandemic levels
IAG posts record annual profits driven by demand for transatlantic travelFinancial Times - 6d
More from The Guardian
-
‘It’s great we are not alone,’ says Volodymyr Zelenskyy as EU leaders hold defence summit – Europe live
Ukrainian president thanks European leaders as they gather to discuss €800bn plan to boost military capacity. See all our Ukraine war coverage Norwegian prime minister Jonas Gahr Støre has ...The Guardian - 33m -
Revealed: Israeli military creating ChatGPT-like tool using vast collection of Palestinian surveillance data
The powerful new AI model is designed to analyze intercepted communications – but experts say such systems can exacerbate biases and are prone to making mistakes. Israel’s military surveillance ...The Guardian - 2h -
Hamas says Trump’s threats encourage Israel to back out of Gaza ceasefire
Militant group accuses the US president of seeking to undermine deal with his ultimatum for release of hostages . Middle East crisis – live updates Hamas has accused Donald Trump of seeking to ...The Guardian - 3h -
‘We are not the 51st anything’: viral Canada ad gets Trump-inspired update
Remake of 2000 Molson beer ad has the same message as Trump threatens tariffs: Canada will not cower to the US. For the second time in 25 years, a lone figure takes to the stage , an oversized ...The Guardian - 2h -
China vows it will ‘fight to the end’ with US in trade war – or any other war
Wolf warrior-style comments mark China’s strongest rhetoric on US president Donald Trump since he entered the White House. China’s ministry of foreign affairs has promised that China will “fight to ...The Guardian - 8h
More in World
-
5 convicted of plotting to overthrow German government and kidnap the health minister
A German court has convicted five people of plotting to overthrow the government in a far-right coup and kidnap the former health ministerABC News - 10m -
The deteriorating state of US relations with Ukraine
Also in today’s newsletter, farmers sound off about how tariffs will impact their industryFinancial Times - 12m -
TSMC plays its hand in Donald Trump’s tariff war
The Taiwanese chipmaker’s attempt to keep the US president on side is not without risksFinancial Times - 12m -
Ange and the Boss: the Australian title and ties that bind Postecoglou and Puskás
There is emotional and cultural heft to the story revealed in a film about the Hungarian football great’s time as coach of South Melbourne Hellas. Based on a blur of childhood memory that hardly ...The Guardian - 12m -
Couples fight about housework. Couples divorce about housework. Surely it would be easier if men just did more housework? | Lucy Clark
Dividing household tasks fairly and upending some gender norms along the way is good for everyone. . Many moons ago, when I was much less cynical than I am now, I wrote a story for a newspaper ...The Guardian - 12m