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UK Construction Sector Continues To Shrink In October

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UK Construction Sector Continues To Shrink In October

The UK construction sector continued to contract in October, survey data from IHS Markit showed Monday.

The IHS Markit/Chartered Institute of Procurement & Supply construction Purchasing Managers’ Index rose to 44.2 in October from 43.3 in September.

Nonetheless, a score below 50 indicates contraction and it remained close to the ten-year low seen in June. The score was forecast to climb to 44.1.

The latest survey revealed a sharp reduction in new work, although the rate of contraction was the slowest for three months.

Further, construction companies continued to reduce their workforce numbers in October, which was linked to weak order books and concerns about their near-term business outlook.

Business optimism towards the year-ahead outlook for construction work remained among the weakest seen since 2012.

The material has been provided by InstaForex Company – www.instaforex.com