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Financial News: Germany Construction Growth At 4-Month Low

Germany Construction Growth At 4-Month Low

06/06/2019 - 06:42:00 (RTTNews)

(RTTNews) - Germany's construction sector growth eased to the lowest in four months in May and saw a loss of momentum from a fourteen-month high in March, survey data from IHS Markit revealed on Thursday.

The construction purchasing managers' index, or PMI, fell to 51.4 in May from 53.0 in April. However, any reading above 50 indicates an expansion in the sector.

Among sub-sectors, work on civil engineering declined for the second time with the rate of decline being the quickest since April last year. The construction sector demand softened in May with the new business decreasing at a modest rate.

Employment and purchasing activity rose at the softest rates in seven months in May, while sub-contractor usage decreased for the first time since November 2018.

Suppliers pricing power moderated further with the increase in the rate of cost of building materials and products the lowest in the year.

The degree of business confidence eased to an year-to-date low in May, as some businesses lacked opportunities and faced delay of projects.

"Contributions to the sector's overall performance remained unbalanced, with homebuilding again doing most of the heavy lifting and civil engineering continuing to act as a drag on growth," Phil Smith, principal economist at IHS Markit, said.

Separate surveys from IHS Markit showed that Eurozone construction sector growth eased to the lowest pace in four months in May.

France construction sector activities rose for the second straight month, though the rate of growth eased in May.

Italy construction sector contracted for the first time since March last year.

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