GBP News

UK service sector activity expanded at the fastest pace in eight months in June on robust new work, raising scope for a near-term rate hike by the Bank of England. The IHS Markit/Chartered Institute of Procurement & Supply Purchasing Managers' Index improved to 55.1 in June from 54.0 in May, survey data showed Wednesday. Economists had forecast the index to remain unchanged at 54.0.

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UK industrial production decreased for the third straight month in May, defying economists' forecast for an increase, figures from the Office for National Statistics showed Tuesday.

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UK construction growth was the weakest in six months in September, defying expectations for an improvement, as all three sub-sectors lost momentum. The CIPS UK construction purchasing managers' index fell to 52.1 from 52.9 in August, survey data from IHS Markit showed on Tuesday. In contrast, economists had expected the index to rise to 53.1.

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The UK unemployment rate remained at the lowest level seen since early 1975, in three months to August, the Office for National Statistics said Tuesday.

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Britain's unemployment increased and the net pay growth was the fastest in nearly a decade during the September quarter, preliminary data from the Office for National Statistics showed on Tuesday. The UK unemployment rate rose slightly in the three months to September to 4.1 percent. In the past two months, the ILO jobless rate was steady at 4 percent, which was the lowest level since 1975.

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Bank of England Governor Mark Carney welcomed the draft Brexit deal and the transition arrangement that the British Prime Minister Theresa May struck with the European Union last week, but warned that the risks of a "no-deal, no-transition" scenario remained very high. Speaking at a Treasury Select Committee hearing, Carney said, "We welcome the transition arrangements in the withdrawal deal."

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UK retail sales growth in November was greater than expected, though retailers are gloomy about activity in the next three months, a survey by the Confederation of British Industry showed on Tuesday.

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Bank of England Governor Mark Carney on Tuesday defended the central bank's analysis that a no-deal Brexit would cause a severe recession in the UK, the kind not even seen during the global financial crisis a decade ago. Responding to questions from lawmakers at a hearing on Tuesday, Carney said some criticism was "entirely unfair".

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UK services sector growth slowed to its weakest level in nearly two-and-a-half years in November, amid weaker growth in both business activity and new work as Brexit concerns intensified, defying expectations for a modest improvement. The CIPS UK Services purchasing managers' index, or PMI, fell to 50.4 from 52.2 in October, marking the lowest level since July 2016.

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UK consumer price inflation slowed in November to its lowest level in twenty months, in line with economists' expectations, data from the Office for National Statistics showed on Wednesday.

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