UK Construction Battered in June by Brexit Fears – Markit

Britain’s construction industry suffered its worst contraction in seven years in June as concern grew about a referendum on European Union membership, according to a survey that was mostly conducted before Britain voted on June 23 to quit the EU.

Financial data company Markit said on Monday its construction Purchasing Managers’ Index plunged to 46.0 in June from 51.2 in May, its lowest level since June 2009, in what could be a sign of worse to come.

It was the first time since April 2013 the index had fallen below the 50 level that separates contraction from expansion, and sterling GBP= briefly turned negative on the day after the result.

Reuters

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Craig Erlam
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the BBC and The Telegraph, and he also appears regularly as a guest commentator on Bloomberg TV, CNBC, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.