US construction spending fell by 0.5% in July, compared with a flat reading expected in a survey compiled by Bloomberg as of 7:40 am ET and following an upwardly revised flat reading in June.
Private residential construction fell by 1.3%, with single-family home construction down 3.2%, multi-family construction up 0.2% and remodeling activity up 0.3%.
Private nonresidential construction rose by 0.4%, while public construction fell by 0.2%.
The UK's shop price inflation climbed 1.5% year over year in August, from 0.9% a month ago, a survey by the British Retail Consortium showed Tuesday.The latest reading was above the consensus estimate of 0.9% and marks an over two-year high.BRC Chief Executive Helen Dickinson attributed the rise in inflation to higher energy, input, and commodity costs, noting "challenging" months ahead for households.
Business credit demand in New Zealand is down 0.8% year over year, and defaults are down 12%, but company closures and liquidations remain elevated, Centrix said in a report on Tuesday.A softer housing market, rising unemployment, and higher borrowing costs carry the potential to place additional pressure on some households in the months ahead, the report added.Meanwhile, consumer arrears increased to nearly 11%, with 424,000 people behind on repayments, but remain over 13% lower than a year ago, Centrix said. The number of consumers 90 or more days past due fell to 82,000.Consumer credit demand declined 7.3% year on year, while new mortgage lending fell almost 12% during the July quarter, per the report. Mortgage arrears also increased slightly to 1.2%, with around 19,900 home loans past due, although this was 12% below prior-year figures.Overall new household lending declined roughly 11% year on year during the July quarter, driven by weaker residential mortgage activity. Approved new mortgage lending was down 12% compared with the same period last year.
Operating conditions across China's manufacturing sector improved in August, with the headline RatingDog China General Manufacturing Purchasing Managers' Index (PMI), compiled by S&P Global, coming in at 51.5, according to data released on Tuesday.The latest reading, which provides a gauge of factory sector conditions, compared with the 50.9 recorded in the previous month and beat market expectations of 51, tracked by Investing.com.A reading above 50 indicates an expansion in sector performance compared to the prior month, while a figure below signals a contraction.The monthly momentum was driven by faster growth rates across output, new orders and exports.