(RTTNews) - UK construction sector contracted in December, mainly under the impact of poor weather conditions, a survey by Markit Economics showed Wednesday.The seasonally adjusted Markit/Chartered Institute of Purchasing & Supply construction Purchasing Managers' Index fell to 49.1 in December from 51.8 in November. Economists had forecast a better score of 51.
A PMI reading above 50 suggests expansion of the sector, while a reading below 50 indicates contraction.
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UK Construction Sector Contracts In December
(RTTNews) - UK construction sector contracted in December, mainly under the impact of poor weather conditions, a survey by Markit Economics showed Wednesday.
The seasonally adjusted Markit/Chartered Institute of Purchasing & Supply construction Purchasing Managers' Index fell to 49.1 in December from 51.8 in November. Economists had forecast a better score of 51.
A PMI reading above 50 suggests expansion of the sector, while a reading below 50 indicates contraction.
"The overall picture for 2011 is also likely to stay subdued," according to David Noble, Chief Executive Officer at CIPS. "Yet, confidence about future activity rose in December based on a rise in new orders, despite poor weather, and hopes for a general economic improvement," Noble said.
Many constructors indicated that poor weather conditions had negatively impacted on activity, though new order growth accelerated slightly, Markit said.
Nonetheless, employment fell sharply and confidence regarding future business prospects remained relatively weak.
"Growth has been subdued in recent months, largely due to contractions in residential construction, signaling that business conditions in the sector were not conducive to a large overall expansion in activity," Markit Economist Sarah Ledger noted.
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