RTTNews - U.K.'s CIPS/Markit Construction Purchasing Managers' Index rose to 47 in July, a survey from the Chartered Institute of Purchasing & Supply and Markit Economics showed Tuesday. Economists were expecting the index to rise to 45 from 44.5 logged in June. However, the index stood below the neutral level.
A reading below 50 indicates contraction in construction activity, while a level above 50 suggests expansion. The report said the index points towards a further decline in activity within the U.K. construction sector, extending the period of contraction to seventeen months.
...times are still tough as steep competition and difficult market conditions pushed the sector into its seventeenth month of retrenchment, David Noble, Chief Executive Officer at the Chartered Institute of Purchasing & Supply said.
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