UK Construction Grows in October

UK construction activity grew at its fastest pace for six years last month, an influential survey has suggested.

The Markit/CIPS construction purchasing managers’ index (PMI) rose to 59.4 in October, up from 58.9 in September.

It is the sharpest increase since September 2007, and higher than economists had forecast.

Any figure greater than 50 indicates expansion. The construction PMI has now been above that level for six months in a row.

“UK construction output continues to rise like a phoenix from the ashes, with housing, commercial and civil engineering activity all seeing strong rates of expansion at the start of the fourth quarter,” said Markit economist Tim Moore.

Housing activity was the strongest performing sector in the survey. However, the pace of its expansion slipped slightly from September’s 10-year high.

via BBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza