Investing.com - U.K. construction sector activity in September expanded at a slower rate than expected, dampening optimism over the country’s economic outlook, industry data showed on Tuesday.
In a report, market research firm Markit and the Chartered Institute of Purchasing & Supply said that their U.K. construction purchasing managers' index fell to a seasonally adjusted 58.9 in September from a reading of 59.1 in August.
Economists had expected the index to improve to 59.2 last month.
Commenting on the report, senior economist at Markit Tim Moore said, “Construction is no longer the weakest link in the UK economy. The third quarter of 2013 ended with output growth riding high amid greater spending on infrastructure projects and resurgent house building activity.”
Following the release of the data, the pound trimmed gains to trade little changed against the U.S. dollar, with GBP/USD rising 0.01% to trade at 1.6196.
Meanwhile, European stock markets remained lower. The EURO STOXX 50 fell 0.55%, France’s CAC 40 dropped 0.95%, Germany's DAX dipped 0.65%, while London’s FTSE 100 slumped 0.9%.
In a report, market research firm Markit and the Chartered Institute of Purchasing & Supply said that their U.K. construction purchasing managers' index fell to a seasonally adjusted 58.9 in September from a reading of 59.1 in August.
Economists had expected the index to improve to 59.2 last month.
Commenting on the report, senior economist at Markit Tim Moore said, “Construction is no longer the weakest link in the UK economy. The third quarter of 2013 ended with output growth riding high amid greater spending on infrastructure projects and resurgent house building activity.”
Following the release of the data, the pound trimmed gains to trade little changed against the U.S. dollar, with GBP/USD rising 0.01% to trade at 1.6196.
Meanwhile, European stock markets remained lower. The EURO STOXX 50 fell 0.55%, France’s CAC 40 dropped 0.95%, Germany's DAX dipped 0.65%, while London’s FTSE 100 slumped 0.9%.