Investing.com - U.K. construction sector activity in January 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 rose to a seasonally adjusted 64.6 last month from a reading of 62.1 in December. Economists had expected the index to ease down to 61.5 in January.
Commenting on the report, senior economist at Markit David Noble said, “The latest data show positive developments on a number of fronts, with job creation rebounding at the start of the year while output and new business growth was the fastest since the summer of 2007.”
Following the release of the data, the pound turned higher against the U.S. dollar, with GBP/USD rising 0.2% to trade at 1.6335, compared to 1.6297 ahead of the data.
Meanwhile, European stock markets remained lower. The EURO STOXX 50 fell 0.35%, France’s CAC 40 dipped 0.3%, Germany's DAX retreated 0.9%, while London’s FTSE 100 slumped 0.45%.