January 2018 UK Markit/CIPS contruction PMI 2 February 2018
- Prior 52.2
- Residential building activity slips into decline
- Contraction in new business reported
A disappointing read from this sector into the new year, and we’re skirting with contraction. GBPUSD has dipped some 18 pips to 1.4208. It’s not all bad news though;
Despite softening marginally since December, cost pressures remained intense in January. Inflation in input costs was driven by a variety of materials such as bricks, copper and timber Sub-contractor usage increased during January, thereby ending a ten-month sequence of decline.
Furthermore, the latest expansion was the strongest seen since November 2016 In response, sub contractor availability fell sharply