The seasonally adjusted Markit/CIPS construction PMI Fell
[dropcap color=”#008040″ boxed=”yes” boxed_radius=”8px” class=”” id=””]T[/dropcap]he British construction sector contracted sharply in June, with the purchasing managers’ index (PMI) in the sector down to the lowest level in seven years, according to data firm Markit.
The seasonally adjusted Markit/CIPS construction PMIn fell to 46.0 in June, down from 51.2 in May, as a result of a steep drop in residential building and reduction in commercial work, data collected between June 13 and June 29 show.
A figure above 50 indicates expansion, while below that indicates contraction.
” A number of construction firms commented on reluctance among clients to commence new contracts in the run-up to the Brexit referendum, alongside ongoing uncertainty about the general economic outlook, said Markit in a press release on Monday.
[dropcap color=”#008040″ boxed=”yes” boxed_radius=”8px” class=”” id=””]T[/dropcap]im Moore, a senior economist at Markit, said: “The vast majority of June’s survey responses were received ahead of the EU referendum, so the worry is that the ensuing political turmoil will hit construction spending decisions for some time to come.”
Commenting on the report, David Noble, group chief executive officer at the Chartered Institute of Procurement & Supply, said: “The only glimmer of light through the brickwork is the rate of decline was not as sharp as that experienced during the last recession.”
” “But, with business confidence at a three-year low, and purchasing activity at its lowest level for six and a half years, this is likely to offer little comfort,” Noble said.
On June 23, Britons voted to leave the EU, becoming the first country to leave the bloc since its inception after World War II.
(This story has not been edited by PGurus.com and is auto–generated from a syndicated feed we subscribe to.
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