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Construction PMI up in May

Tuesday, Jun 02 2015
UK construction companies recorded a slight rebound in output growth during May, but this only partially reversed the loss of momentum seen in April ahead of the general election. Looking ahead, business confidence across the construction sector picked up sharply over the month, with the degree of positive sentiment the highest since February 2006. According to survey respondents, this was driven by signs of a post-election bounce in clients’ willingness to spend, which in turn supported a further sharp upturn in employment levels. 
 
Construction PMI registered 55.9 in May, up from 54.2 in April and well above the neutral 50.0 threshold. This is also above expected incline to 55.1. That said, the latest reading was still the second-lowest since June 2013. Anecdotal evidence suggested that weaker new business gains during March and April had acted as a drag on overall output growth in May. 
 
Separate report on Net Lending to Individuals showed that it increased by £2.9 billion in April, compared to the average monthly increase of £2.8 billion over the previous six months. Analysts were anticipating increase by £2.3 billion. The three-month annualised and twelve-month growth rates were 2.5% and 2.4% respectively. 
 
After the figures Sterling was pushed higher and is currently being traded few points below 1.5230 level. Pair is likely to find support around 1.5150 handle and resistance around 1.5280 area. Later today, in the US session, Factory Orders figures will be released.
More in this category: « Number of unemployed declined both in Germany and Spain Euro area inflation increased for the first time in five months »

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