UK construction drops to 6-month low

The Markit/CIPS construction Purchasing Manager’s Index (PMI) fell to 48.7 in December from 49.3 in November, setting Britain’s construction activity at its lowest since June.

In addition, Markit said new business levels contracted for the seventh straight month and at the fastest rate since April 2009.

Noting weak underlying demand, Tim Moore, senior economist at Markit said, “December rounded off a miserable year for the UK construction sector.”

“Survey respondents are also relatively subdued about the 2013 outlook amid reports from their clients that budgets will be under even greater pressure over the year ahead,” Moore added.

According to the PMI, construction output fell in two of the three final months of 2012.

The collapse in construction sector activity was seen as a cause of financial crisis in the country at the end of 2011. Since then, Britain has been struggling with recession and limited growth.

MOS/AMR/HE

Source Article from http://www.presstv.ir/detail/2013/01/04/281699/uk-construction-drops-to-6months-low/

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