UK PMI Construction dropped to 8.2 in April, down from March’s 39.2. The latest reading was the lowest since data were first collected in April 1997. Prior record low was 27.8 in February 2009.
Tim Moore, Economics Director at IHS Markit: “A drop in construction activity of historic proportions in April looks set to be followed by a gradual reopening of sites in the coming weeks, subject to strict reviews of safety measures. However, the prospect of severe disruption across the supply chain will continue over the longer-term and widespread use of the government job retention scheme has been needed to cushion the impact on employment. Looking ahead, construction companies widely commented on worries about cash flow, rising operating costs and severely reduced productivity, as well as a slump in demand for new construction projects.”
