UK construction slide barely slows in Oct
British construction activity shrank for the sixth month in a row in October, and at one of the fastest rates since the 2009 financial crisis, as Brexit worries and a general economic slowdown held back growth.
The IHS Markit/CIPS construction PMI rose to 44.2 in October from 43.3 in September, roughly in line with economists’ forecasts in a Reuters poll, but this was still the third-lowest reading since 2009 and pointed to a fall in output.
“UK construction companies experienced a downturn in business performance during October as political uncertainty and subdued economic conditions again combined to hold back sales,” IHS Markit economist Tim Moore said.
Construction companies reported the seventh successive fall in new work, ordered less raw materials and did not replace staff who quit.
Official data showed construction output rose by 2.4 percent in the 12 months to August, the most recent figures available, but last month smaller housebuilders reported the weakest demand since 2013.
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