Latest news with #TimMoore
Time of India
05-07-2025
- Business
- Time of India
UK construction downturn eases as house-building improves, commercial work tanks
MANCHESTER: The downturn in Britain's construction industry abated slightly in June as homebuilding returned to growth, but commercial building activity tumbled thanks to mounting worries about the economy, a survey showed on Friday. The S&P Global UK Construction Purchasing Managers' Index rose to 48.8 from 47.9 in May, a six-month high but still below the 50 threshold denoting growth. A Reuters poll of economists had pointed to a reading of 48.4. The survey showed a split picture of Britain 's construction market. Housing activity expanded for the first time since September but the commercial sector contracted at the fastest rate since mid-2020, during the onset of the COVID-19 pandemic. "Total new orders fell at a faster pace as many construction companies signalled reduced overall workloads due to unfavourable domestic economic conditions and fragile confidence among clients," said S&P Global economics director Tim Moore said. The survey showed business activity expectations sank in June to the lowest level since December 2022. PMI data earlier in the week showed a faster-than-expected upturn in the dominant services sector, while manufacturing continued to contract. The all-sector PMI rose to 51.7 in June from 50.0 in May, its highest level since October.
Yahoo
04-07-2025
- Business
- Yahoo
UK construction downturn eases as house-building improves, commercial work tanks
By Andy Bruce MANCHESTER, England (Reuters) -The downturn in Britain's construction industry abated slightly in June as homebuilding returned to growth, but commercial building activity tumbled thanks to mounting worries about the economy, a survey showed on Friday. The S&P Global UK Construction Purchasing Managers' Index rose to 48.8 from 47.9 in May, a six-month high but still below the 50 threshold denoting growth. A Reuters poll of economists had pointed to a reading of 48.4. The survey showed a split picture of Britain's construction market. Housing activity expanded for the first time since September but the commercial sector contracted at the fastest rate since mid-2020, during the onset of the COVID-19 pandemic. "Total new orders fell at a faster pace as many construction companies signalled reduced overall workloads due to unfavourable domestic economic conditions and fragile confidence among clients," said S&P Global economics director Tim Moore said. The survey showed business activity expectations sank in June to the lowest level since December 2022. PMI data earlier in the week showed a faster-than-expected upturn in the dominant services sector, while manufacturing continued to contract. The all-sector PMI rose to 51.7 in June from 50.0 in May, its highest level since October. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Leader Live
03-07-2025
- Business
- Leader Live
Service sector grows at 10-month high as inflation slows
Experts said a 'turnaround' in spending by UK businesses and consumers helped to support the industry. The S&P Global UK services PMI survey scored 52.8 for the month, up from 50.9 in May. Any reading above 50 means the sector is growing, while a score below means it is contracting. It was notably stronger than expected for the month, with analysts having predicted a reading of 51.3. Tim Moore, economics director at S&P Global Market Intelligence, said: 'June data highlighted a modest rebound in UK service sector growth, fuelled by a turnaround in domestic business and consumer spending after a soft patch during the spring. 'Business activity expansion was slightly stronger than the earlier 'flash' estimate for June and the fastest seen since August 2024.' Surveyed firms said they saw stronger organic sales growth on the back of 'improving business and consumer spending'. However, some companies also highlighted that 'subdued' UK economic conditions and the impact of US tariffs were still keeping a lid on potential growth prospects. Nevertheless, new orders grew at the fastest rate since November last year, driven by domestic demand. The fresh report also showed that cost inflation eased back to its lowest level for six months, resulting in weaker inflation in prices for customers. However, the data also showed a continued drop in employment as firms continued to digest recent labour cost hikes. Mr Moore added: 'Concerns about elevated payroll costs meant that service providers were reluctant to turn on the hiring taps. 'Employment numbers decreased for the ninth month running and at a faster pace than in May, with job shedding again often attributed to redundancies as well as the non-replacement of voluntary leavers.'
Glasgow Times
03-07-2025
- Business
- Glasgow Times
Service sector grows at 10-month high as inflation slows
Experts said a 'turnaround' in spending by UK businesses and consumers helped to support the industry. The S&P Global UK services PMI survey scored 52.8 for the month, up from 50.9 in May. Any reading above 50 means the sector is growing, while a score below means it is contracting. It was notably stronger than expected for the month, with analysts having predicted a reading of 51.3. Tim Moore, economics director at S&P Global Market Intelligence, said: 'June data highlighted a modest rebound in UK service sector growth, fuelled by a turnaround in domestic business and consumer spending after a soft patch during the spring. 'Business activity expansion was slightly stronger than the earlier 'flash' estimate for June and the fastest seen since August 2024.' Surveyed firms said they saw stronger organic sales growth on the back of 'improving business and consumer spending'. However, some companies also highlighted that 'subdued' UK economic conditions and the impact of US tariffs were still keeping a lid on potential growth prospects. Nevertheless, new orders grew at the fastest rate since November last year, driven by domestic demand. The fresh report also showed that cost inflation eased back to its lowest level for six months, resulting in weaker inflation in prices for customers. However, the data also showed a continued drop in employment as firms continued to digest recent labour cost hikes. Mr Moore added: 'Concerns about elevated payroll costs meant that service providers were reluctant to turn on the hiring taps. 'Employment numbers decreased for the ninth month running and at a faster pace than in May, with job shedding again often attributed to redundancies as well as the non-replacement of voluntary leavers.'
Rhyl Journal
03-07-2025
- Business
- Rhyl Journal
Service sector grows at 10-month high as inflation slows
Experts said a 'turnaround' in spending by UK businesses and consumers helped to support the industry. The S&P Global UK services PMI survey scored 52.8 for the month, up from 50.9 in May. Any reading above 50 means the sector is growing, while a score below means it is contracting. It was notably stronger than expected for the month, with analysts having predicted a reading of 51.3. Tim Moore, economics director at S&P Global Market Intelligence, said: 'June data highlighted a modest rebound in UK service sector growth, fuelled by a turnaround in domestic business and consumer spending after a soft patch during the spring. 'Business activity expansion was slightly stronger than the earlier 'flash' estimate for June and the fastest seen since August 2024.' Surveyed firms said they saw stronger organic sales growth on the back of 'improving business and consumer spending'. However, some companies also highlighted that 'subdued' UK economic conditions and the impact of US tariffs were still keeping a lid on potential growth prospects. Nevertheless, new orders grew at the fastest rate since November last year, driven by domestic demand. The fresh report also showed that cost inflation eased back to its lowest level for six months, resulting in weaker inflation in prices for customers. However, the data also showed a continued drop in employment as firms continued to digest recent labour cost hikes. Mr Moore added: 'Concerns about elevated payroll costs meant that service providers were reluctant to turn on the hiring taps. 'Employment numbers decreased for the ninth month running and at a faster pace than in May, with job shedding again often attributed to redundancies as well as the non-replacement of voluntary leavers.'
