UK construction contracts in September

City A.M. Reporter
UK construction activity contracted for the second consecutive month in September, a closely-watched survey revealed today.

The construction purchasing managers’ index (PMI) rose to 49.5 in September from 49 the month before, leaving it below the 50 mark that indicates growth.

“The principal take out from September's PMI survey is that underlying construction weakness is likely to continue for the remainder of 2012," said Tim Moore, senior economist at Markit.

The survey showed that house building fell at its fastest pace since December 2010 last month, while commercial activity dropped by the biggest margin since February 2010.