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UK Construction Activity Contracts Unexpectedly

Dec 04 2012
By
Forexbrokerz.com

The UK's construction sector activity contracted unexpectedly in November, a survey by Markit Economics and the Chartered Institute of Purchasing & Supply (CIPS) revealed Tuesday.

The headline Purchasing Managers' Index for the construction sector fell to 49.3 in November from 50.9 in the previous month. This is the lowest level of the index since August.

A PMI reading above 50 indicates expansion of the sector, while a reading below 50 suggests contraction.

Output has declined three times in the past four months amid the steepest new orders decline for just over three-and-a half years, Markit said.

Lower levels of construction activity were driven by solid reductions in house building and commercial activity during November. In contrast, civil engineering activity increased again, and at the most marked pace for seven months.

Latest data also pointed to the weakest degree of positive sentiment since the near-record low seen in December 2008. As a result, jobs were cut again in November, and at the fastest pace for almost two years.

The material has been provided by Instaforex Company - instaforex.com
TAGS: UK  Construction  Activity  Contracts  Unexpectedly   

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