The Chartered Institute of Purchasing and Supply (CIPS)\/Markit purchasing managers\u2019 index (PMI) has today revealed the UK construction industry slowed in June.<\/p>\n
The PMI dipped to 53.6 in June from May\u2019s reading of 54 \u2013 however, the figure was broadly in line with expectations.<\/p>\n
Furthermore, the index remains above the crucial 50 mark, which separates growth from contraction.<\/p>\n
Commenting on the report, Sarah Bingham, Economist at Markit and author of the UK Construction PMI said: \u201cJune data rounds off a further solid quarter of growth, albeit down on the first quarter.<\/p>\n
\u201cBut the survey showed confidence was at its lowest in June for the year to date, while companies cut jobs at their fastest rate since January,\u201d she added.<\/p>\n
Construction accounts for around 6% of Britain\u2019s economic output.<\/p>\n
Meanwhile, the index comes shortly after figures revealed UK manufacturing grew at its slowest rate in almost two years in June.<\/p>\n
The closely-watched CIPS\/Markit manufacturing PMI fell to a 21-month low last month to 51.3 from May\u2019s reading of 52.<\/p>\n
The reading was slightly lower than the 52.1 expected by analysts.<\/p>\n
The manufacturing sector, which accounts for around 13% of economic output, has been one of the bright spots in the UK economy, but the latest surveys will no doubt raise fears about the recovery.<\/p>\n
Service sector activity figures will be published later this week<\/p>\n","protected":false},"excerpt":{"rendered":"
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