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- UK construction PMI falls more than expected in July
UK construction PMI falls more than expected in July
The report from IHS Markit and Chartered Institute of Procurement & Supply (CIPS) showed that activity in the construction sector of the UK's economy eases to an 11-month low in July.
According to the report, the Markit/CIPS Purchasing Managers' Index (PMI) for the UK's construction sector fell to 51.9 in July from an unrevised 54.8 in June. That marked the weakest construction performance since August 2016. Economists had forecast the indicator to slide down to 54.5. The 50 mark divides contraction and expansion.
According to the report, July's growth slowdown in construction sector reflected lower volumes of commercial building and a softer expansion of housing activity. The survey also revealed a reduction in new business volumes for the first time since August 2016, leading to softer job creation in the period. At the same time, intense supply chain pressures continued last month and prices for construction materials boosted at one of the sharpest rates since the first half of 2011.
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