Data Preview- UK construction output, US retail sales

The upcoming UK construction output data today will give an understanding of the nation's GDP growth in Q4. The recently released industrial production report stated that the output declined more than expectations, indicating that the GDP growth in Q4 might be 0.5%, as compared with 0.4% growth in Q3. However, the UK's overall Q3 growth was largely affected by a decline in construction activity, whereas October's and November's data saw a recovery and growth in the activity.

December's US retail sales is awaited and closely watched as household spending is considered as one of the main driving factors of the 2015 and 2016 economic growth. December's industrial production and the January Empire State survey are expected to indicate that the sector continues to perform weakly in the US.