-Headline Nov Construction PMI 49.3 Vs 50.9 In Oct
-Markit/CIPS Notes 3rd Negative Number In Four Months
-Lowest Headline Construction PMI SInce August
-New Orders See Weakest Growth In 3 And A Half Years
LONDON (MNI) – UK construction activity slipped contracted again
last month – for the third time in four months, driven by a slump in new
orders which saw their most negative growth in three and a half years.
This lack of new business to replace completed contracts prompted a
marked drop in confidence regarding the outlook for the next 12 months.
Confidence in the sector also slumped and jobs were cut again.
Latest data pointed to the weakest degree of positive sentiment
since the near-record low seen in December 2008. As a result, jobs were
cut again in November, and at the fastest pace for almost two years.
Adjusted for seasonal factors, the Markit/CIPS UK Construction
Purchasing Managers’ Index PMI posted 49.3 in November, down from
50.9 in the previous month and its lowest level since August.
The latest reading was much lower than the long-run average (54.1)
and below the neutral 50.0 mark for the third time in the past four
months.
Lower levels of construction activity were driven by reductions in
house building and commercial activity. Residential building has dropped
for six months running, while the latest fall in commercial construction
was the steepest since December 2009. In contrast, civil engineering
activity increased again, and at the most marked pace for seven months.
–London newsroom: 4420 78627492; email dthomas@mni-news.com
[TOPICS: M$B$$$,MABDS$]