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U.K. construction PMI tumbles to 22-month low of 54.2 in April

Published 05/05/2015, 09:33
Updated 05/05/2015, 09:34
U.K. construction PMI tumbles to 22-month low of 54.2 in April
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Investing.com - U.K. construction sector activity expanded at the slowest pace in almost two years in April, fuelling concerns over the health of the economy, industry data showed on Tuesday.

In a report, market research firm Markit and the Chartered Institute of Purchasing & Supply said that their U.K. construction purchasing managers' index declined to a seasonally adjusted 54.2 last month from a reading of 57.8 in March. Economists had expected the index to tick down to 57.5 in April.

On the index, a reading above 50.0 indicates expansion, below indicates contraction.

Commenting on the report, Tim Moore, senior economist at Markit and author the report, said, “The uncertain general election outcome appears to have put some grit in the wheels of decision making. Construction firms widely noted delays with clients’ budget setting and a reduced propensity to commit to new projects."

GBP/USD was trading at 1.5097 from around 1.5125 ahead of the release of the data, while EUR/GBP was at 0.7332 from 0.7320 earlier.

Meanwhile, European stock markets held on to gains. London’s FTSE 100 rose 0.85%, the EURO STOXX 50 ticked up 0.7%, France's CAC 40 advanced 0.8%, while Germany's DAX tacked on 0.85%.

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