UK DATA: Jan NSA Construction Output Down Sharply
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Non-seasonally adjusted construction output fell sharply in January
following a large decrease in December, figures published by National
Statistics Friday showed. Construction output fell 12.3% on the month in
January, after a 11.8% monthly decline in December. Output was down 2.3%
compared with January 2011. As the monthly data are non-seasonally
adjusted and there is only a short data series available for analysis it
makes interpreting the data difficult. December and January are weak
months for construction output, due to the colder weather. This January,
however, was weaker than the 6.8% monthly drop last year. Looking at
both December and January together, though, the falls this year and last
are broadly similar. Output in Q4 on a seasonally adjusted basis was
revised slightly to show a fall of 0.2% on the quarter. National
Statistics said this would have no impact on GDP in Q4.
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