Investing.com - U.K. construction sector activity in November expanded at the fastest rate since August 2007, fuelling 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 increased to a seasonally adjusted 62.6 in November from a reading of 59.4 in October.
Economists had expected the index to ease down t0 59.0 last month.
Commenting on the report, senior economist at Markit Tim Moore said, “Looking ahead, there are a number of positive signs that improvements in activity levels will be maintained, as job creation picked up again in November and confidence about the business outlook reached its highest level since September 2009.”
Following the release of the data, the pound added to gains against the U.S. dollar, with GBP/USD rising 0.29% to trade at 1.6403, compared to 1.6391 ahead of the data.
Meanwhile, European stock markets remained lower. The EURO STOXX 50 fell 0.8%, France’s CAC 40 tumbled 1.1%, Germany's DAX retreated 0.6%, while London’s FTSE 100 slumped 0.5%.
In a report, market research firm Markit and the Chartered Institute of Purchasing & Supply said that their U.K. construction purchasing managers' index increased to a seasonally adjusted 62.6 in November from a reading of 59.4 in October.
Economists had expected the index to ease down t0 59.0 last month.
Commenting on the report, senior economist at Markit Tim Moore said, “Looking ahead, there are a number of positive signs that improvements in activity levels will be maintained, as job creation picked up again in November and confidence about the business outlook reached its highest level since September 2009.”
Following the release of the data, the pound added to gains against the U.S. dollar, with GBP/USD rising 0.29% to trade at 1.6403, compared to 1.6391 ahead of the data.
Meanwhile, European stock markets remained lower. The EURO STOXX 50 fell 0.8%, France’s CAC 40 tumbled 1.1%, Germany's DAX retreated 0.6%, while London’s FTSE 100 slumped 0.5%.