UK Construction Cools as PMI Slips to 58.7 in July Despite High House Building

UK Construction Cools as PMI Slips to 58.7 in July Despite High House Building

(IHS Markit) The UK seasonally adjusted construction PMI Total Activity index was 58.7 in July, a sharp decline from a 24-year record high of 66.3 in June.

The UK PMI total activity growth since the previous month

The highest performing category was house building at 60.3. The commercial building was second at 59.2.

Both house and commercial building categories recorded the slowest expansion since February.

The civil engineering activity index was 55.0 in July, signaling a slow expansion since June and the lowest in five months.

The high rate of input cost inflation kept on due to supply shortages and increased demand for the construction items.

The construction sector continued to hire at a high rate due to rising orders and a good near-term economic outlook.

Optimism among businesses on future output growth reached historic record levels.

FTSE 100 is down -0.028%, GBPUSD is up +0.28%.

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