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UK Construction PMI at an 11-year high

Thursday, Jul 02 2015
British construction activity grew at its fastest rate in four months in June, and confidence in the sector surged to an 11-year high, as growth resumed after a lull in the run-up to May's national election.The monthly Markit/CIPS Purchasing Managers' Index (PMI) rose to 58.1 in June from 55.9 in May, its biggest increase in a year and exceeding forecasts on an increase to 56.6.
 
"The extent of the recent rise in construction optimism is partly down to relief that pre-election uncertainty has now passed, but it also suggests that firms are infused with confidence that underlying demand will continue to recover," said Tim Moore, an economist at financial data company Markit.
 
Growth was fastest in the house-building sector, but civil engineering projects and commercial work were catching up quickly.New orders flowed in at the strongest rate since last October, while there was increasing evidence of skills shortages, rising labour costs and lengthier delivery times for building supplies.
 
After the data Sterling was pushed higher and is currently being traded around 1.56 handle. Pair is likely to find support around 1.5550 area and resistance above 1.5660 level. Later today, in the US session, NFP and Unemployment Claims figures are scheduled for a release.
More in this category: « Number of unemployed in Spain decreased by 94,727 NFP employment rose less than expected »

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