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UK Construction PMI fell more than expected

Tuesday, Feb 02 2016
January data pointed to a renewed slowdown in output growth across the UK construction sector. At 55.0, down from 57.8 in December, the headline seasonally adjusted Markit/CIPS UK Construction Purchasing Managers’ Index remained well above the 50.0 no-change value, but signalled the slowest rate of expansion since April 2015. Analysts were anticipating smaller decrease to 57.6. Moreover, aside from the pre-election slowdown recorded last year, the latest reading was the lowest since June 2013. A number of survey respondents noted that softer new business growth had acted as a brake on output growth and staff hiring at the start of 2016. 
 Higher levels of output were recorded across all three broad areas of construction activity monitored by the survey. Commercial work remained the best performing category in January, but the latest upturn was still the slowest since June 2015. At the same time, house building activity expanded at the second weakest pace for just over two-and-a-half years. Civil engineering was again the weakest performing area of activity overall, despite rebounding slightly from December’s eight-month low.  
 
Sterling is currently being traded around 1.4330 handle. Pair is likely to find support around 1.43 handle and resistance above 1.44 level. There will be no major data releases in the rest of the session.
More in this category: « German unemployment at a record low Eurozone Unemployment Rate at the lowest level since 2011 »

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