UK construction companies signalled a reduction in business activity at the end of the second quarter. At 48.2 in June, down from 54.4 in May, the seasonally adjusted Markit/CIPS Construction Purchasing Managers’ Index® (PMI®) pointed to the fastest rate of contraction for two-and-a-half years. The fall in the index over the month was also the greatest since February 2009, thereby signalling a marked loss of momentum following the solid expansion seen in the previous survey period. Anecdotal evidence attributed part of the decline to the extra bank holiday in June, but panellists also widely commented on weaker ... (full story)