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Financial News: Germany's Construction Sector Contracts For First Time Sin

Germany's Construction Sector Contracts For First Time Since 2015

04/06/2018 - 04:55:00 (RTTNews)

(RTTNews) - Germany's construction sector contracted for the first time in more than three years in March due to colder-than-usual weather, survey data from IHS Markit showed Friday.

The construction Purchasing Managers' Index fell to 47.0 in March from 52.7 in February. This was the first time since January 2015 that the score fell below the 50.0 no-change level.

The contraction was followed by particularly strong growth in January, when the PMI had hit an 82-month high.

Activity fell across all broad areas of the construction sector in March. The steepest contraction was in civil engineering. The downturns in housing and commercial activity were more moderate in comparison.

Nonetheless, constructors remained highly confident about the outlook for activity over the next 12 months, citing a strong pipeline of new orders.

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