UK October construction PMI 53.2 vs 50.5 expected

This is a surprise as construction activity continues to rise in October, although new orders fell for the first time since May 2020. The latter is a worrying development as the drop in business expectations to a 29-month low does little to improve the outlook. SandP Global notes that: „Construction output recovered modestly after a slump seen for much of the summer, with growth reaching a five-month high in October. Commercial work was the best performer as delayed projects progressed. Increased residential construction. also contributed positively to generic workloads “However, they point to forward-looking survey indicators that growth will be harder to achieve in the coming months as rising borrowing costs, economic uncertainty and spending constraints have been negative. impact on October order volume. The decline in total new jobs was the first since May 2020 and raised concerns about longer-term supply opportunities. „Business optimism for the coming year collapsed in October and was clearly the weakest since the early months of the pandemic. Construction firms cited concerns about reducing unnecessary spending by customers due to a broad drop in customer demand, although some noted. that growth associated with green energy projects could lead to planned spending on infrastructure and success in niche markets to help offset UK economic headwinds.

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