December data signalled a deepening downturn in output across the UK construction sector, alongside a sharp and accelerated reduction in incoming new work. Adjusted for seasonal factors, the Markit/CIPS UK Construction Purchasing Managers’ Index® (PMI®) - which measures overall output in the sector - dropped from 49.3 in November to 48.7 during December. The index has now posted below the neutral 50.0 value in four of the past five months, and the latest reading indicated the fastest rate of contraction since June 2012 (when output was constrained by unusually bad weather and an extra bank holiday). Although some ... (full story)