U.K. construction activity expanded at the slowest pace in seven months in November, survey data from Markit showed Wednesday.
The Markit/Chartered Institute of Procurement & Supply Purchasing Managers’ Index for construction fell to 55.3 in November from 58.8 in October. It was forecast to fall to 58.6.
The reading signaled the slowest growth in business activity for seven months. Aside from the pre-election slowdown seen in April, overall output growth was the weakest since mid-2013.
All three broad areas of construction activity showed a slowdown in output growth in November.
Residential building activity increased at the weakest pace since June 2013, while civil engineering activity rose at the slowest rate for six months.
Commercial construction activity topped the growth table, but the latest expansion was less marked than October’s eight-month high.
Some reports from survey respondents cited a lack of new work to replace completed projects, which in turn acted as a drag on business activity growth.
Slower growth patterns across the construction sector contributed to a moderation in job creation. The latest increase in staffing was the weakest since September 2013.
Input price inflation moderated in November and was well below the long-run survey average.
The material has been provided by InstaForex Company – www.instaforex.com