A fall confirmed but less than expected. We’re still sailing well above the 50.0 expansion mark and we’re still seeing the fastest increase in commercial construction since August 2007.
Cable down 10 pips to 1.6443.
New orders were still well up but eased off from November. Companies expecting an increase in output rose to 57% from 31% a year earlier. Employment showed an increase for the 7th consecutive month.
UK construction PMI 03 01 2014
“The latest survey highlights that construction companies enter 2014 with the wind in their sails. Most encouragingly, the improving UK economic outlook is helping boost private sector spending patterns, meaning that the construction recovery has started to broaden out from housing demand and infrastructure projects to include strong growth in commercial building work.” Said Tim Moore of Markit