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UK August construction PMI 49.2 vs 48.0 expected

Started by forex4you, Sep 06, 2022, 04:36 pm

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UK August construction PMI 49.2 vs 48.0 expected

<ul><li>Prior 48.9</li></ul><p style="" class="text-align-justify">Despite being a beat on estimates, this is another soft report with new order growth being the slowest since June 2020. S&P Global notes that:</p><p style="" class="text-align-justify">"The UK construction sector looks set to be in for a challenging period, according to the latest PMI data. Not only did construction activity fall for the second month running, but a range of indicators from the survey pointed to further weakness ahead. New orders slowed to a crawl, while concerns about the sector and the wider economy led to a drop in confidence. </p><p style="" class="text-align-justify">"Activity weakness was broad-based in August, with none of the three monitored categories immune to the wider slowdown. Commercial activity dropped into contraction for the first time in just over a year-and-a-half, and while housing activity ticked higher, the segment has been in broad stagnation over the past three months. </p><p style="" class="text-align-justify">"Price and supply pressures showed further signs of easing as waning demand throughout the sector lifted pressure on suppliers. Meanwhile, the main positive from the latest survey was a solid increase in employment. That said, hiring at least in part reflects an ongoing catch-up following the pandemic. If activity continues to fall, firms will likely soon feel that their staffing capacity is sufficient and pause hiring."</p><p>/<a href="" target="_blank" id="3a5ab7c1-ff09-45ea-87d4-eea6613bb754_1" class="terms__main-term">GBP</a></p>

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Source: UK August construction PMI 49.2 vs 48.0 expected
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