UK Construction Activity Continues To Fall In December

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The United Kingdom's CIPS / Markit Purchasing Managers' Index or PMI for the construction sector stood at a seasonally adjusted 47.1 in December, a report from Markit Economics revealed on Tuesday, extending the current sequence of contraction to twenty-two months. A reading above 50 indicates expansion, while one below 50 suggests contraction.

New orders in the construction sector decreased in December, with respondents citing reduced budgets among clients, while employment levels in the construction sector were cut again. Many construction companies reported that they were still restructuring their operations in line with lower workloads.

Despite the sustained contraction in activity, optimism over future business conditions rose in December. Panelists believed that an anticipated recovery in the housing market in 2010, would result in higher demand.

The United Kingdom's CIPS / Markit Purchasing Managers' Index or PMI for the construction sector stood at a seasonally adjusted 47.1 in December, a report from Markit Economics revealed on Tuesday, extending the current sequence of contraction to twenty-two months. A reading above 50 indicates expansion, while one below 50 suggests contraction. (Market News Provided by RTTNews)