UK PMI Construction dropped slightly from 48.8 to 48.4 in January, below expectation of 49.5. S&P Global noted that residential work had the steepest drop for 32 months. New orders and employment continued to decrease. But business activity expectations rebounded.
Tim Moore, Economics Director at S&P Global Market Intelligence, said: “A sharp and accelerated decline in house building activity led to the weakest UK construction sector performance for just over two-and-a-half years in January…. However, there were positive signals for longer-term prospects across the construction sector, with business activity expectations staging a swift rebound from the low point seen last December.”
