UK Nov construction PMI sees strongest rise in new business volumes since March
|The construction sector activity in the UK economy increased its pace of expansion and unexpectedly rose in the month of November, hitting the highest levels since March 2016, a fresh report from Markit Economics showed on Friday.
The final Purchasing Managers' Index (PMI) in the UK jumped to 52.8 points in Nov, after having booked 52.6 points in Oct. Markets had predicted a drop to 52.2 last month.
Key Points:
Business activity rises at fastest rate since March
Commercial work picks up for first time in six months
Suppliers continue to pass on higher imported raw material costs
Tim Moore, Senior Economist at IHS Markit and author of the Markit/CIPS Construction PMI® , noted, “UK construction companies experienced a steady recovery in business activity during November, which continues the rebound from the downturn seen over the third quarter of 2016.”
“November’s survey data revealed the strongest rise in overall new business volumes since March. However, lingering economic uncertainty and subdued investor sentiment meant that optimism towards the year-ahead outlook remained close to its lowest since early-2013.”
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