- Posted by currencies in Rate Alerts
- June 2, 2017
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British construction activity grew at its fastest rate since the end of 2015 last month, as a pick-up in housebuilding helped builders shake off a lack lustre start to the year, a survey showed this morning.
The Markit/CIPS construction purchasing managers’ index (PMI) jumped to 56.0 from 53.1, its highest since December 2015 and above all forecasts in a recent poll.
Construction only accounts for about 6 percent of Britain’s economy. But alongside a similar robust manufacturing survey released yesterday, it adds to signs that the economy may be recovering from near-stagnation at the start of 2017.
The picture will become clearer on Monday, when Markit releases its PMI for the much-larger services sector, which is more exposed to slowing consumer spending as households grapple with accelerating inflation.
Britain’s opposition Labour Party has highlighted squeezed living standards ahead of a national election due on June 8, though polls still show Prime Minister Theresa May’s Conservatives lead among those most likely to vote.