The UK construction sector contracted in September on weak new work, data from IHS Markit showed Tuesday.
The IHS Markit/Chartered Institute of Procurement & Supply construction Purchasing Managers’ Index fell to 48.1 in September from 51.1 in August. The reading was expected to remain unchanged at 51.1.
The score was below the 50-change threshold for the first time in 13 months. The latest reading signaled the fastest decline in overall construction output since July 2016.
“A dismal picture of construction emerged this month as the sector showed signs of worsening business conditions across the board,” Duncan Brock, director of customer relationships at the Chartered Institute of Procurement & Supply, said.
“With the biggest contraction in overall activity since July 2016, and a drop in new orders, optimism was in short supply,” he added.
Source: RTT News