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Financial News: UK Construction Activity Contracts Unexpectedly

UK Construction Activity Contracts Unexpectedly

06/04/2019 - 04:44:00 (RTTNews)

(RTTNews) - The UK construction activity contracted unexpectedly in May, survey data from IHS Markit showed Tuesday.

The IHS Markit/Chartered Institute of Procurement & Supply construction Purchasing Managers' Index fell to 48.6 in May from 50.5 in April.

A score below 50 indicates contraction. Economists had forecast the reading to rise marginally to 50.6 in May.

The latest score was the lowest since the snow-related downturn in construction output during March 2018.

The survey showed that lower volumes of commercial work and civil engineering activity more than offset a moderate growth in house building.

Survey respondents once again noted concerns that the subdued domestic economic outlook and delays related to Brexit uncertainty had curtailed their near-term growth prospects, Tim Moore, associate director at IHS Markit, said.

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