The construction sector in the United Kingdom demonstrated a reduction in activity for the second month in a row, according to a report by S&P Global/CIPS on Tuesday. The Construction Purchasing Managers’ Index (PMI) stood at 49.2 in August, up 0.3 points from July, but remaining under the 50 no-change mark. However, the activity in the sector exceeded expectations which put the August PMI at 48.
New orders grew at the slowest pace since June 2020, with some businesses citing cost pressures as the main cause. Inflation also negatively impacted business confidence, as well as drove up input costs. The rate of job creation eased to the softest since March 2021.
