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UK construction output rises at fastest pace in 4 months

Published 07/02/2015, 04:30 AM
Updated 07/02/2015, 04:30 AM
© Reuters.  U.K. Construction PMI 58.1 vs. 56.5 forecast

© Reuters. U.K. Construction PMI 58.1 vs. 56.5 forecast

Investing.com - U.K. construction sector output increased at the fastest pace in four months in June, continuing a rebound from a 22-month trough in April, according to data released on Thursday.

Research firm Markit and the Chartered Institute of Purchasing & Supply said the U.K. construction purchasing managers' index rose to 58.1 from 55.9 in May.

Economists had expected an increase to 56.5.

On the index, a reading above 50.0 indicates expansion, below indicates contraction.

Residential activity remained the fastest growing area of construction output in June. However, the acceleration was also driven by a sharp upturn in both commercial and civil engineering activity growth the report said.

“The extent of the recent rise in construction optimism is partly down to relief that pre-election uncertainty has now passed, but it also suggests that firms are infused with confidence that underlying demand will continue to recover” Tim Moore, senior economist at Markit and author the report, said.

GBP/USD was trading at 1.5615 from around 1.5593 ahead of the release of the data, while EUR/GBP was at 0.7089 from 0.7095 earlier.

Meanwhile, European stock markets remained little changed for the day. London’s FTSE 100 dipped 0.06%, the EURO STOXX 50 was up 0.09%, France's CAC 40 added 0.07%, while Germany's DAX was up 0.1%.

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