Recession round two. How will you sell your Nottingham home?
According to The Telegraph, Britain’s hopes of escaping recession are dented by a swathe of bad economic news that showed consumer confidence plummeting, producer prices soaring and the construction sector failing to spark.
Producer output prices – those charged by manufacturers for their goods – rose by a larger than expected 0.7pc on the previous month, according to data from the Office for National Statistics (ONS)
Meanwhile, the contraction in the hard-hit construction industry during the first quarter was even steeper than first estimated, the agency said. Output from the sector shrank by 4.8pc compared with the previous three months, rather than the 3pc initially reported, as public sector construction weakened and infrastructure work fell off.
The ONS said the revision is expected to deepen the slump reported for the wider economy, meaning it shrank by 0.3pc in the first three months of the year rather than the 0.2pc thought.
The building sector accounts for less than 8pc of the economy’s total performance, but its large decline at the start of the year drove the UK’s official return to recession.
The figures came after an index produced by Nationwide showed that consumer confidence deteriorated sharply in April as people became more worried about the availability of jobs and shied away from buying big-ticket items such as cars and homes.
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Image courtesy of Reuters