Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

U.K. construction PMI down less-than-expected

Published 08/02/2011, 04:36 AM
Updated 08/02/2011, 04:36 AM

Investing.com – Britain's construction sector activity weakened less-than-expected in July, industry data showed on Tuesday.

In a report, market research firm Markit and the Chartered Institute of Purchasing & Supply said that their U.K. construction purchasing managers' index eased down to a seasonally adjusted 53.5 in July from June’s reading of 53.6.

Economists had expected the index to decline to 53.1 in July.

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

New order expansion was solid, with growth largely consistent with the rate seen in June. However, employment fell for a second month running.

Meanwhile, confidence improved slightly in July, but remained weak in the context of historical data.

Commenting on the report, chief executive officer at the CIPS David Noble said, “Whilst the sector is battling against poor economic sentiment, high inflation and continued worries in the euro zone, the sustained growth, albeit at a historically mild pace, has to be seen as a positive, especially compared to the fallback in the manufacturing sector.”

Following the release of that data, the pound was up against the U.S. dollar, with GBP/USD easing up 0.01% to trade at 1.6299.

Meanwhile, European stock markets were broadly lower. The FTSE 100 declined 0.35%, the EURO STOXX 50 slumped 0.3%, France’s CAC 40 shed 0.34%, while Germany's DAX retreated 0.5%.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.