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Financial News: German Construction Sector Stagnates In July

German Construction Sector Stagnates In July

08/06/2018 - 04:25:00 (RTTNews)

(RTTNews) - Germany's total construction activity growth halted in July on a renewed downturn in civil engineering amid slower growth in commercial and housing activity, survey data from IHS Markit showed Monday.

The construction Purchasing Managers' Index came in at 50.0 in July, down from 53.0 in June.

Any reading above 50 indicates expansion, while a score below 50 suggests contraction in the sector.

Among sectors, both housing and commercial activity rose at weaker rates in July, while civil engineering activity declined after a pick-up in June.

Despite a marginal rise in new orders, constructors continued to take on new staff during July. However, the rate of job creation was the lowest since January last year.

"Supply chains are meanwhile struggling under the pressure from higher demand for building materials and components, with constructors noting the worst delivery delays for eight months in July," Phil Smith, Principal Economist at IHS Markit said.

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