This morning the Chartered Institute of Purchase and Supply has released the latest UK construction PMI figures, and they reveal that industry activity and business optimism have increased in the British construction sector.
The construction PMI rose to 51.8 in November from 51.6 last month, confounding market expectations that the PMI would decline to 51.0.
Two of the three sub-sectors surveyed for the PMI reported increase activity and optimism: commercial and civil engineering. Only businesses in the housebuilding sector reported falling activity.
However, though businesses in the construction industry seemed upbeat, market conditions remained challenging. Employment in construction fell for the fifth consecutive month, and the influx of new orders fell to the slowest rate in nine months.
The construction PMI release is generally good news for the UK economy. However, since construction accounts for only a fraction of British GDP, it is unlikely to impact hugely on the value of sterling.
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