UK construction output to increase in August

The ONS has major problems with the price series used to create the volume series and is using an interim solution until it has a credible price series. The construction surveys give a strong message of rising construction output whereas the official data indicate that construction output reached a plateau a year ago and is still on it. 

"We see little more than volatility around a sideways trend in the published series and so predict an increase of 1.0% mom in August after a fall of the same amount in July", says Societe Generale.