Construction activity in the United Kingdom slowed notably during the first month of the year, with the Purchasing Managers’ Index reporting the lowest results since April of 2015. According to the release from Markit Economics, the Construction PMI printed at a value of 55.0 for January, down from December’s 57.8 and missing consensus expectations of 57.5. Builders experienced one of the weakest expansion periods in years after growth in new business showed considerable softness. Creeping economic uncertainty emerging in the last few months have seen contractors curb new orders amid a slowing demand growth. This is likely to be another contributor to a downgraded outlook from the Bank of England later in the week, with the Central Bank forecast to keep rates at a record low 0.50% where they have sat since 2009 in order to spur demand.
European Unemployment Drops
Daily Analysis - 03/02/2016