Monthly construction output fell a further 0.2% in August with the level of output now reaching 1.5% below its pre-pandemic level. Meanwhile, new work remained flat this month with repair and maintenance falling slightly. Today's data further illustrates the current challenges faced by the economy, with factors like supply chain issues, labour shortages and rising fuel prices continuing to hold back the post pandemic recovery heading into the final quarter. If the situation continues, we could be seeing some measures introduced to deal with the slowing pace of recovery in order to support the economy more effectively in the coming months. 

Major banks start Wall Street earning season

As always, earnings season in the US begins with major financial institutions and today investors will receive earnings reports from JP Morgan as well as Blackrock. This is a very important time in markets as investors will be looking closely to see how companies performed during recent economic uncertainty brought on by supply issues, rising fuel prices and unclear monetary policy. While today’s results could have a limited impact on stock markets, they will be worth following as the FED continues to remain ambiguous in regards to a timeline for tapering, which it said would be announced once the economic data suggests continued growth and sustained recovery. In addition to today’s earnings reports, investors will also be keeping an eye on CPI data from the US and minutes from the recent central bank meeting which could further shed light on the prospects in the immediate future and cause some reactions through markets, particularly if something unexpected is announced. 

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