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Financial News: German Construction Sector Contracts In June

German Construction Sector Contracts In June

07/06/2021 - 06:38:00 (RTTNews)

(RTTNews) - Germany's construction sector contracted again in June as supply bottlenecks weighed on production and new orders, survey results from IHS Markit showed on Tuesday.

The headline construction Purchasing Managers' Index rose to 47.0 in June from 44.5 in May. However, a score below 50 indicates contraction. There was a marginal rise in residential work following four months of decline. At the same time, the drag from falling civil engineering activity eased, but this was offset by a steeper contraction in the commercial sub-sector.

Declines in activity were often linked to shortages of building materials and products. New orders declined at the sharpest pace in twelve months.

Input price inflation rose to a new all-time high for the third straight month due to short supply.

Constructors noted a further reduction in employment at the end of the second quarter. Looking ahead, constructors' expectations for activity over the next 12 months remained in negative territory.

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