Investing.com - Construction sector activity in the U.K. held steady in January, confounding expectations for a modest improvement, industry data showed on Monday.
In a report, market research firm Markit and the Chartered Institute of Purchasing & Supply said that their U.K. construction purchasing managers' index held steady at a seasonally adjusted 48.7 in January, unchanged from December’s reading.
Economists had expected the index to ease up to 49.1 last month.
The headline index has registered below the neutral 50.0 value for three months running, and the latest reading was well below the long-run series average of 54.1.
On the index, a level above 50.0 indicates industry expansion, below indicates contraction.
Commenting on the report, senior economist at Markit Tim Moore said, “January’s survey results are yet another indicator of the severe underlying fragility across the UK construction sector, with output failing to rise in any of the three monitored sub-sectors for the first time since last summer.”
Following the release of that data, the pound remained higher against the U.S. dollar, with GBP/USD adding 0.16% to trade at 1.5723.
Meanwhile, European stock markets held on to mild losses. London’s FTSE 100 eased down 0.25%, the EURO STOXX 50 fell 0.1%, France’s CAC 40 was flat, while Germany's DAX dipped 0.1%.
In a report, market research firm Markit and the Chartered Institute of Purchasing & Supply said that their U.K. construction purchasing managers' index held steady at a seasonally adjusted 48.7 in January, unchanged from December’s reading.
Economists had expected the index to ease up to 49.1 last month.
The headline index has registered below the neutral 50.0 value for three months running, and the latest reading was well below the long-run series average of 54.1.
On the index, a level above 50.0 indicates industry expansion, below indicates contraction.
Commenting on the report, senior economist at Markit Tim Moore said, “January’s survey results are yet another indicator of the severe underlying fragility across the UK construction sector, with output failing to rise in any of the three monitored sub-sectors for the first time since last summer.”
Following the release of that data, the pound remained higher against the U.S. dollar, with GBP/USD adding 0.16% to trade at 1.5723.
Meanwhile, European stock markets held on to mild losses. London’s FTSE 100 eased down 0.25%, the EURO STOXX 50 fell 0.1%, France’s CAC 40 was flat, while Germany's DAX dipped 0.1%.