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British construction PMI dips to 13-month minimum in September
In September, the British construction sector declined for the first time for 13 months, thus underlining worries over the UK economy and nearly excluding the case for higher interest rates, as industry data disclosed on Tuesday.
As market research firm Markit informed the previous month its British construction purchasing managers' index inched down to a seasonally adjusted 48.1 from August’s outcome of 51.1. Financial experts had hoped the index would slump to 51 in September.
On the index, a reading above 50.0 indicates expansion, below indicates contraction.
September data disclosed a tough month for the British construction sector because a sustained sag in new work provoked the first reduction in business activity since August last year.
Survey respondents associated the sag in workloads to minor confidence as well as subdued risk appetite among clients, in particular in the commercial building sector.
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