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British construction PMI slides to 10 year low in June: survey

LONDON, July 2 (Xinhua) — Britain’s construction index fell to 43.1 in June, hitting its lowest point since April 2009, showed a survey released Tuesday by IHS Markit/CIPS, a London-based global information provider.

Data showed that the IHS Markit/CIPS Construction Purchasing Managers’ Index (PMI) plunged to 43.1 in June, down sharply from 48.6 in May, hitting its lowest level since April 2009.

The survey stated that all three broad categories of activity posted a decrease in output in June due to political and economic uncertainty.

Meanwhile, civil engineering activity plummeted in June, with the fastest contraction rate since October 2009.

“The latest survey reveals weakness across the board for the UK construction sector, with house building, commercial work and civil engineering activity all falling sharply in June,” said Tim Moore, associate director at IHS Markit.

“Delays to new projects in response to deepening political and economic uncertainty were the main reasons cited by construction companies for the fastest drop in total construction output since April 2009,” Moore said.

“While the scale of the downturn is in no way comparable to that seen during the global financial crisis, the abrupt loss of momentum in 2019 has been the worst experience across the sector for a decade,” Moore added.

Source From: http://www.xinhuanet.com/english/2019-07/02/c_138192957.htm

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