✂ Fed’s first rate cut since 2020: Use our free Stock Screener to find new opportunities fastExplore for FREE

British construction growth slows sharply in April - PMI

Published 05/05/2015, 09:34
Updated 05/05/2015, 09:42
© Reuters. An apartment block is constructed behind a row of traditional properties in central London

LONDON (Reuters) - Growth in Britain's construction industry slowed sharply in April as companies put off decisions ahead of this week's national election, but confidence remained high and hinted at a post-election pickup, a survey showed.

The monthly Markit/CIPS UK construction purchasing managers' index (PMI) fell to 54.2 last month, its lowest level in 22 months and down from 57.8 in March.

The index was below all forecasts in a Reuters poll and followed a similarly weak reading of Britain's manufacturing sector in April.

Britain's overall economic growth slowed sharply in the first three months of this year, data showed last week, a setback for Prime Minister David Cameron who has staked his campaign for re-election on the strength of the recovery.

Economists, however, have said the first-quarter GDP weakness would probably prove to be a blip and the economy would pick up.

A survey of Britain's dominant services sector, due to be published on Wednesday, will give an idea of the breadth of the slowdown at the start of the second quarter of 2015.

Markit said there were signs of construction companies delaying spending decisions ahead of the May 7 election. But while confidence dipped from a nine-year high in March, employment in the sector grew a touch, a sign that companies expected business to recover soon.

The availability of sub-contractors fell sharply again, pushing up their charges by the steepest amount since the survey began 18 years ago.

- Detailed PMI data are only available under licence from Markit and customers need to apply to Markit for a licence.

To subscribe to the full data, click on the link below: http://www.markit.com/Contact-Us

For further information, please phone Markit on +44 20 7260 2454 or email economics@markit.com

© Reuters. An apartment block is constructed behind a row of traditional properties in central London

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.