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British construction PMI drops to 22-month low

Xinhua, May 5, 2015 Adjust font size:

British construction purchasing managers' index (PMI) dropped to 54.2 in April 2015 from 57.8 in March, recording the lowest reading in 22 months, Markit Economics reported on Tuesday.

The data was far below the market expectation consensus of 57.4, though it has registered the 24th month of exceeding the no-change 50.0 activity expansion threshold, said the London-based data compiler.

British construction companies indicated a "sharp loss" of growth momentum in April, with output and new order expanding at the slowest rates since June 2013, though job creation in the sector remained robust, Markit said.

Looking ahead, business confidence regarding the 12-month outlook dipped from the nine-year high seen in March, but nonetheless, remained stronger than its long-run average, said Markit.

Tim Moore, senior economist at Markit, said the trend was due in part to the upcoming British election: "The uncertain general election outcome appears to have put some grit in the wheels of decision making. Construction firms widely noted delays with clients' budget setting and a reduced propensity to commit to new projects."

"Taken as a whole, the latest survey presents a far more upbeat picture than the curiously weak official construction output data for the first quarter of 2015," he said. Endit