UK Construction Growth Weakest In 3 Months
2019年1月3日 - 05:39PM
RTTF2
British construction sector growth was the weakest in three
months in December amid a slower rise in commercial work, survey
data from IHS Markit showed on Thursday.
The CIPS Purchasing Managers' Index, or PMI, fell to 52.8 from
53.4 in November. The latest reading was in line with economists'
expectations.
A PMI reading above 50 suggests growth in the construction
sector, which has now expanded for nine months in a row.
New order growth was subdued in December, leading to softer
output growth. The unusually wet weather had also acted as a brake
on construction work, IHS Markit said.
Among the sub-sectors, commercial work grew at the slowest pace
since May 2018. Meanwhile, civil engineering activity rose at the
fastest pace since May 2017.
Business optimism rose to the highest since last April and was
well above the near six-year low seen in October. Morale improved
on the hopes of a boost to growth from work on big-ticket transport
and energy infrastructure projects in 2019.
Total new business volumes picked up for the seventh successive
month, though the rate of expansion slowed since November and was
only modest. Heightened political uncertainty encouraged delays to
spending decisions among clients, especially in relation to
commercial development projects, the survey found.
Employment growth eased from November's three-year peak with
some firms reporting that efforts to reduce costs had led to the
non-replacement of voluntary leavers. The rate of expansion in
sub-contractor usage picked up to the strongest since December
2015.
Input cost inflation was the second-lowest since July 2016,
despite ongoing reports that the weak pound had pushed up prices
for imported items, IHS Markit said.
"Levels of optimism remained subdued in relation to those
recorded by the survey over much of the past six years, largely
reflecting concerns that Brexit uncertainty will continue to
encourage delays with decision-making, especially on commercial
projects," IHS Markit economist Tim Moore said.
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