Investing.com - Construction sector activity in the U.K. improved more-than-expected in April, but still remained in contraction territory for the sixth consecutive month, industry data showed on Thursday.
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 49.4 in April from a reading of 47.2 in March.
Economists had expected the index to improve to 48.0 last month.
The latest reading was below the 50.0 no-change mark for the sixth month running and much weaker than the series average of 54.0.
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 overall survey findings are an early indication that construction will act as less of a drag on U.K. GDP over the second quarter of 2013.”
Following the release of that data, the pound added to gains against the U.S. dollar, with GBP/USD rising 0.12% to trade at 1.5574.
Meanwhile, European stock markets remained mixed. London’s FTSE 100 eased down 0.2%, the EURO STOXX 50 fell 0.1%, France’s CAC 40 declined 0.2%, while Germany's DAX tacked on 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 rose to a seasonally adjusted 49.4 in April from a reading of 47.2 in March.
Economists had expected the index to improve to 48.0 last month.
The latest reading was below the 50.0 no-change mark for the sixth month running and much weaker than the series average of 54.0.
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 overall survey findings are an early indication that construction will act as less of a drag on U.K. GDP over the second quarter of 2013.”
Following the release of that data, the pound added to gains against the U.S. dollar, with GBP/USD rising 0.12% to trade at 1.5574.
Meanwhile, European stock markets remained mixed. London’s FTSE 100 eased down 0.2%, the EURO STOXX 50 fell 0.1%, France’s CAC 40 declined 0.2%, while Germany's DAX tacked on 0.1%.