This only affects companies with more than 50 employees. If affected any Personal Service Company should review their current engagements.
The purchasing managers index (PMI) for the UK construction sector dropped down to 43.1 from 48.6. Unfortunately manufacturing PMI also dropped to 48 from 49.4 and also the service sector dropped to 50.2 from 51. It looks like the effect of a delayed Brexit is showing in the numbers.
European bond markets can breathe a sigh of relief this morning as Christine Lagarde is poised to be the new president of the European Central Bank, succeeding Mario Draghi in October.
The relief is perhaps more about who is not going to be the new president, rather than who will be at the helm; German Bundesbank chief Jens Weidman was considered to be one of the frontrunners for the post. While Draghi will be remembered for pledging to do ‘whatever it takes’ to preserve the euro, Weidman will be known for trying all he could to prevent some of Draghi’s policies being enacted.
This is now the longest uninterrupted expansion since 1854. As the central banks have injected liquidity using Quantitative Easing to keep the economy going.