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British construction PMI dips to 11-month minimum in July
In July, British construction sector activity went down more than expected, reaching an 11-month minimum, as industry data revealed on Tuesday.
Market research company IHS Markit along with the Chartered Institute of Purchasing & Supply informed that their British construction purchasing managers' index descended to a seasonally adjusted reading of 51.9 the previous month from June’s result of 54.8.
Financial experts had expected the index to inch down to 54.5 in July.
IHS Markit stressed that the reading appeared to be its weakest outcome since August 2016. It’s because commercial work decreased at the fastest tempo for 12 months.
The research company added that a dip in fresh orders provoked softer job creation in July.
July data discloses a surge slowdown in the British construction sector, mostly powered by lower volumes of commercial development as well as a loss of momentum for house building.
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Greetings to a brand new week full of events, economic releases and US debt frictions. We are here to tell you everything you need to know!