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UK DATA
MNI (London)
UK DATA: ### UK Construction PMI Data Still Pointing to Sector Weakness
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Despite April's improvement in the headline number, the UK construction PMI
still points to output contraction in the sector. While the headline index rose
from 47.0 in March to 52.5 in April, back above its February value before the
extreme weather hit, historically growth in official quarter-over-quarter
construction output has only been consistent with a headline index value above
the 53.0-mark. With New Orders returning only marginally above the 50-level in
April, signals of underlying weakness also persist. It is worth remembering that
the survey also only captures whether conditions were 'better' or 'worse',
without capturing the magnitude of any such change. So, a marked rebound in Q2
output may not be on the cards just yet.
MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com

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