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16 matches for " EZ construction":
Data today will show that the EZ construction sector finished 2017 on a decent note.
Yesterday's November EZ construction data offered little respite to the gloomy outlook for the Q4 GDP headline.
We continue to see signs of a strengthening upturn in Eurozone construction. Output in construction rose 0.3% month-to-month in April, pushing the year-over-year rate down to 3.2%, from an upwardly revised 3.8% in March.
We still don't have the complete picture of what happened to the EZ construction sector in Q2, but we have enough evidence to suggest that it rolled over.
We think the EZ construction industry stuttered in August, following a strong start to Q3. Advance data from Germany, France and Spain suggest that output fell 1.4% month-to-month, pushing the year-over- year rate down to 1.8%, from a revised 3.1% in July.
Yesterday's EZ construction data confirmed that capex in the building sector plunged in the second quarter. Construction output fell 0.5% month-to-month in May, pushing the year-over-year rate up trivially to -0.8%, from a revised -1.0% in April. Our forecast for construction investment in Q2 is not pretty, even after including our assumption that production rebounded by 0.5% month-to-month in June.
The outlook for private investment in the Eurozone has deteriorated this year, especially in manufacturing.
Judging by the monthly production data, construction in the Eurozone slowed sharply in the second half of 2018.
Yesterday's economic data provided further evidence that GDP growth in the EZ economy slowed in Q2.
Friday's data added further colour to the September CPI data for the Eurozone.
Construction in the EZ stumbled at the start of the year.
The construction sector in the Eurozone probably stumbled in March. Advance data for the major economies suggest that output fell 1.2% month-to-month, pushing the year-over-year rate down to 1.6% from 2.4% in February.
The upturn in the Eurozone construction sector likely paused in Q3. Yesterday's August report showed that output fell 0.2% month-to-month, pushing the year-over-year rate down to +1.6%, from a revised +2.8% in July.
In one line: EZ construction is stalling.
Markets tend to ignore Eurozone construction data, but we suspect today's report will be an exception to that rule. Our first chart shows that we're forecasting a 8.5% month-to-month leap in February EZ construction output, and we also expect an upward revision to January's numbers.
Output in EZ construction rebounded sharply in February, erasing a slip at the start of the year.
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