2 Dec 2015
GBP: Sharp fall in UK’s construction PMI - TDS
FXStreet (Delhi) – Research Team at TDS, notes that the UK’s construction PMI slowed sharply in November from 58.8 to 55.2, surprising both us and markets significantly to the downside.
Key Quotes
“Details of the report showed that growth in residential, engineering, and commercial construction all slowed in November relative to October. The series has been giving a fairly misleading reading of construction activity in the UK this year (as measured by the ONS, anyways), but today’s print brings it more in line with annual growth in construction output.”
“With the UK government pushing home construction as a major policy initiative, we should see this sector well-supported through the coming years, and wouldn't worry too much about today's number.”
Key Quotes
“Details of the report showed that growth in residential, engineering, and commercial construction all slowed in November relative to October. The series has been giving a fairly misleading reading of construction activity in the UK this year (as measured by the ONS, anyways), but today’s print brings it more in line with annual growth in construction output.”
“With the UK government pushing home construction as a major policy initiative, we should see this sector well-supported through the coming years, and wouldn't worry too much about today's number.”