Britain’s construction industry had another difficult month in October, as new work dropped for the fifth month running, forcing firms to lay off workers at the fastest rate since August 2011.
Overall, construction activity improved slightly last month. The construction PMI from Markit/CIPS rose to 50.9 in October from 49.5 in September, indicating expansion rather than contraction, but the reading was much weaker than the average seen in the decade leading up to the global financial crisis in 2008 (56.3).
The improvement was due to higher levels of output in civil engineering, while housebuilding remained weak, with output declining for the fifth month in a row. Commercial activity also dropped in October.
via Guardian
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Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
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