May data indicated a moderate rebound in both output levels and intakes of new work across the UK construction sector, largely driven by improvements in the residential building sub-sector. At 50.8, up from 49.4 in April, the seasonally adjusted Markit/CIPS UK Construction Purchasing Managers’ Index® (PMI®) reached its highest since October 2012. The index, which measures overall output in the construction sector, had registered below the 50.0 no-change value in each of the six months leading up to May. Nonetheless, the latest reading still indicated only a marginal pace of expansion and the index remained below its ... (full story)