UK Construction Growth Falls to Four-Month Low

Source: S&P Global

Construction work grew at a softer pace in May, marking the lowest reading in four months. EZU is down 0.92%, while VGK is down 0.91%.

• The S&P Global / CIPS UK Construction Purchasing Managers’ Index was recorded at 56.4 in May after the 53.8 in April, the lowest in four months.
• The house building sub-sector index fell to 50.7 from 53.8 in April, indicating the worst performance since May 2020.
• Civil engineering activity grew for the fifth straight month to 55.5, driven by the increase in the number of major infrastructure projects.
• New orders for the month increased further but marked the slowest growth since December 2021.
• The majority of survey respondents recorded higher purchasing prices, attributed to higher prices of fuel, energy, and raw materials.
• Business expectations continued to indicate general optimism, but this was the weakest since August 2020.