The downturn in Britain's construction industry deepened in December, drive...
LONDON - The downturn in Britain’s construction industry deepened in December, driven by the sharpest drop in civil engineering activity since 2009, a survey showed on Friday, underscoring the economy’s frailties at the end of last year.
The IHS Markit/CIPS UK Construction Purchasing Managers’ Index fell to 44.4 from 45.3 in November, below all forecasts in a Reuters poll that had pointed to an improved reading of 45.9. Investors are watching for signs that Johnson’s victory has lifted worries about political stability in Britain.IHS Markit, a data company, published a survey on Thursday showing output in Britain’s manufacturing sector fell at the fastest rate in seven years in December.
“Brexit uncertainty and spending delays ahead of the general election were once again the most commonly cited factors highlighted by firms experiencing a drop in construction activity,” Tim Moore, economics associate director at IHS Markit, said.The survey’s gauge of business expectations hit a nine-month high in December.
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