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Financial News: German Construction Activity Deteriorate In July

German Construction Activity Deteriorate In July

08/06/2019 - 07:11:00 (RTTNews)

(RTTNews) - Germany's construction activity declined for the first time in nine months in July, survey data from IHS Markit revealed on Tuesday.

The construction purchasing managers' index fell to 49.5 in July from 50.0 in June. Any reading below 50 indicates a contraction in the sector.

Among sub sectors, commercial work declined for the first time since January, but modestly in July. Civil engineers decreased for the fourth time in month.

New orders fell for the third straight month in July and at the fastest pace since September 2014. Staffing level increased in July and backlogs of work was higher.

Prices paid for purchases eased for the fifth time in the last six months and the rate of inflation was the weakest for over two-and-a-half years.

The constructors lowered their expectations for the first time in nine months in July.

"Worries about the outlook for commercial construction and weakening economic trends in general are weighing on the minds of constructors, with expectations with regards to future output now at their lowest since late-2015," Phil Smith, principal economist at IHS Markit, said.

Separate survey from IHS Markit showed that the Eurozone construction PMI fell marginally to 50.6 from 50.8 in June.

France's construction PMI rose to 52.4 from 51.8 in the previous month, rising at the fastest pace in seven months.

Italy's construction PMI contracted to 49.8 in July from 50.7 in the prior month.

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