Investing.com – Britain's construction sector unexpectedly expanded in November, industry data showed on Thursday.
In a report, market research firm Markit said that their construction purchasing managers' index rose to a seasonally adjusted 51.8 in November, after rising to 51.6 in October.
Economists had expected the index to decline to 51.3 in November.
On the index, a level above 50.0 indicates industry expansion, below indicates contraction.
Commenting on the report, chief executive officer at the Chartered Institute of Purchasing & Supply David Noble said, “In the short term, the prospects for the U.K. construction sector look gloomy but confidence about possible recovery in the next 12 months has risen.”
He added, “We are likely to see construction improve only when the economy as a whole strengthens.”
Following the release of that data, the pound was up against the U.S. dollar, with GBP/USD gaining 0.04% to hit 1.5626.
Meanwhile, European stock markets were up. The FTSE 100 gained 0.78%, the EURO STOXX 50 rallied 1.05%, France’s CAC 40 jumped 0.82%, and Germany's DAX was up 0.39%.
In a report, market research firm Markit said that their construction purchasing managers' index rose to a seasonally adjusted 51.8 in November, after rising to 51.6 in October.
Economists had expected the index to decline to 51.3 in November.
On the index, a level above 50.0 indicates industry expansion, below indicates contraction.
Commenting on the report, chief executive officer at the Chartered Institute of Purchasing & Supply David Noble said, “In the short term, the prospects for the U.K. construction sector look gloomy but confidence about possible recovery in the next 12 months has risen.”
He added, “We are likely to see construction improve only when the economy as a whole strengthens.”
Following the release of that data, the pound was up against the U.S. dollar, with GBP/USD gaining 0.04% to hit 1.5626.
Meanwhile, European stock markets were up. The FTSE 100 gained 0.78%, the EURO STOXX 50 rallied 1.05%, France’s CAC 40 jumped 0.82%, and Germany's DAX was up 0.39%.