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Financial News: Germany's Construction Sector Moves Closer To Stabilizatio

Germany's Construction Sector Moves Closer To Stabilization

09/04/2020 - 04:04:00 (RTTNews)

(RTTNews) - Germany's construction sector moved closer to stabilization in August but the coronavirus pandemic remained a restraining factor on demand and expectations, survey data from IHS Markit showed Friday.

The headline construction Purchasing Managers' Index rose to 48.0 in August from 47.1 in July.

The score was the highest in six months in August. But a score below 50 indicates contraction.

Homebuilding continued to defy the broader slump in activity, rising for the second successive month in August. Meanwhile, the decline in work on commercial building projects eased to the weakest since it began in March.

The drag from lower civil engineering activity moderated, though the latest reduction was still sharp overall, the survey showed.

Constructors logged a fall in inflows of new work in August. Nonetheless, the rate of decline eased for the fourth month in a row.

Reduced workloads meant that constructors maintained a preference for lower staffing numbers. The decline in employment eased in August.

Constructors faced only a moderate rise in average purchasing costs in August.

As firms expect pandemic to suppress demand, expectations towards future activity remained pessimistic in August.

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