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Financial News: UK Construction Growth Eases More Than Forecast

UK Construction Growth Eases More Than Forecast

07/04/2017 - 05:39:00 (RTTNews)

(RTTNews) - British construction sector growth eased at a faster-than-expected pace in June, after reaching to a 17-month high in May, survey results from IHS Markit and Chartered Institute of Procurement & Supply showed Tuesday.

The seasonally adjusted construction Purchasing Managers' Index, or PMI, dropped to 54.8 in June from 56.0 in May. Economists had expected the index to fall to 55.0.

However, any reading above 50 indicates expansion in the sector.

In June, softer growth momentum was recorded across all three broad categories of construction activity.

Among components, business activity, new orders and employment all expanded at slower rates than in May.

"June data also pointed to strong input price inflation, driven by resilient demand and upward pressure on costs imported construction materials," Tim Moore, Senior Economist at IHS Markit, said.

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