UK Construction PMI fell more than expected

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Thursday, Feb 02 2017

UK Construction PMI fell more than expected

January data revealed a slowdown in construction sector growth, with business activity and incoming new work both expanding at weaker rates than at the end of 2016. Despite this, survey respondents signalled that confidence regarding the year-ahead outlook picked up to its strongest since December 2015, largely reflecting new project starts and a resilient economic backdrop. This contributed to the fastest rise in employment numbers since May 2016. Meanwhile, exchange rate depreciation against the euro and the US dollar resulted in the strongest rate of input cost inflation since August 2008.

The seasonally adjusted Markit/CIPS UK Construction Purchasing Managers’ Index registered 52.2 in January, down from 54.2 in December. As a result, the headline index signalled the weakest rise in overall business activity since the post-referendum recovery began in September 2016. All three sub-sectors (housing, commercial and civil engineering) recorded softer rates of output growth in January. Although housebuilding remained the best performing category, the latest expansion was the weakest for five months.

More in this category: « Number of unemployed in Spain rose by 57,257 Unemploment Claims decreased to 246,000 »

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