UK DATA: Non-seasonally adjusted construction output.

UK DATA: Non-seasonally adjusted construction output rose in
February but output seems likely to have fallen sharply on the quarter
which could hit Q1 GDP growth. Construction output volumes rose 6.1% on
the month in February, after a 12.9% monthly decline January, and were
down 4.6% on a year earlier. 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. A back of the envelope guess
suggests output on a seasonally adjusted basis could be down around 3-4%
in Q1 which would cut Q1 GDP growth by 0.2-0.3 percentage point.