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- Collapse of UK’s construction sector, PMI lowest since June 2009
Collapse of UK’s construction sector, PMI lowest since June 2009
Markit construction PMI was in contraction teritory after registering the value of 46 (below 50 = contraction). Forecasts indicated 50.5. Data calculated before Brexit so imagine how UK's major economic indicators will look next month.
"Widespread delays to investment decisions and housing market jitters saw the UK construction sector experience its worst month for seven years in June. Construction firms are at the sharp end of domestic economic uncertainty and jolts to investor sentiment, so trading conditions were always going to be challenging in the run-up to the EU referendum. However, the extent and speed of the downturn in the face of political and economic uncertainty is a clear warning flag for the wider post Brexit economic outlook".
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