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UK construction PMI drops, but sector still expands


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Spread betting provider City Index ( takes a look at the financial activity shaping the markets on 2nd September 2011.

Activity growth has been noted for August in the UK's construction sector.

However, last month's reading stood at 52.6, which is a drop from July's posting of 53.5.

The Markit/Chartered Institute of Purchasing and Supply (CIPS) UK Construction Purchasing Managers’ Index (PMI) noted that while the housing sector experienced a contraction, the residential building rate drop slightly eased.

It was also found that new work inflow was the least marked for eight months.

Commenting on the report, CIPS chief executive officer David Noble explained that staffing levels had “sharply" tumbled as a result of “lukewarm order books".

He added: “The proof of the pudding will be whether the reported increase in competition for new orders, plus increases in fuel and commodity prices, will subdue confidence going forward. “

It comes after yesterday's (September 1st) Markit/CIPS UK Manufacturing PMI showed that production had retreated for the first time since May 2009.

August's reading was 49, down from July's 49.4.

See the City Index Economic Calendar for more information on the latest market moving events.

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