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UK Construction drops to 11 month low

Growth in Britain’s construction industry tumbled to an 11-month low in July, as a lacklustre outlook for the economy and heightened political uncertainty deterred new orders, a survey showed today.

The Markit/CIPS UK Construction Purchasing Managers’ Index (PMI) fell to 51.9 from 54.8 in June, below all forecasts in a poll of economists that had pointed to a reading of 54.5.

The survey is another mixed signal for Bank of England policymakers meeting this week to set interest rates. A sister survey on Tuesday had shown British manufacturing growth improved last month thanks to an upturn in exports.

However, today’s PMI for construction, which accounts for around 6 percent of British economic output, showed a sector struggling to maintain momentum.

More important for BoE officials will be Thursday’s PMI for the services industry, which accounts for about 80 percent of British economic output. That will be released at 09:30 GMT.

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