Investing.com - Construction sector activity in the U.K. improved modestly in September, but remained in contraction territory for the second consecutive month, 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 rose by 0.5 points to a seasonally adjusted 49.5 in September from a reading of 49.0 in August.
Economists had expected the index to rise by 0.8 points to 49.8 in September.
According to the data, this was the first back-to-back sub-50 reading since the start of 2010 and much lower than the series average of 54.2.
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, “The principal take out from September’s PMI survey is that underlying construction weakness is likely to continue for the remainder of 2012.'
Following the release of that data, the pound remained higher against the U.S. dollar, with GBP/USD adding 0.14% to trade at 1.6153.
Meanwhile, European stock markets held on to losses. London’s FTSE 100 fell 0.3%, the EURO STOXX 50 declined 0.2%, France’s CAC 40 shed 0.4%, while Germany's DAX dipped 0.15%.
In a report, market research firm Markit and the Chartered Institute of Purchasing & Supply said that their U.K. construction purchasing managers' index rose by 0.5 points to a seasonally adjusted 49.5 in September from a reading of 49.0 in August.
Economists had expected the index to rise by 0.8 points to 49.8 in September.
According to the data, this was the first back-to-back sub-50 reading since the start of 2010 and much lower than the series average of 54.2.
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, “The principal take out from September’s PMI survey is that underlying construction weakness is likely to continue for the remainder of 2012.'
Following the release of that data, the pound remained higher against the U.S. dollar, with GBP/USD adding 0.14% to trade at 1.6153.
Meanwhile, European stock markets held on to losses. London’s FTSE 100 fell 0.3%, the EURO STOXX 50 declined 0.2%, France’s CAC 40 shed 0.4%, while Germany's DAX dipped 0.15%.