UK Construction PMI increased less than expected

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Wednesday, Sep 02 2015

UK construction companies remained in recovery mode during August, with business activity and employment levels both expanding at a strong pace. There were also some encouraging signs that strains on raw material availability have started to subside, as highlighted by the slowest deterioration in vendor performance for just over three years in August. Survey respondents noted that rising levels of supplier capacity, alongside lower fuel and energy costs, had helped restrain overall input price inflation in August.

The headline seasonally adjusted UK Construction Purchasing Managers’ Index registered 57.3 in August, up from 57.1 in July and well above the neutral 50.0 threshold. Analysts were predicting incline to 57.6. Higher levels of business activity have been recorded in each month since May 2013, which represents the longest period of sustained growth for seven-and-a-half years. That said, the index continued to signal a softer growth path than that recorded throughout 2014.

Sterling is currently being traded few points below 1.53 handle. Pair is likely to find support around 1.5250 level and resistance above 1.5350 area. Later today, in the US session, GDP figures are scheduled for a release.

More in this category: « Number of unemployed in Spain up by 21,679 Private sector employment increased by 190,000 jobs »

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