May data indicated another sharp increase in UK construction output, although the latest survey suggested that momentum continued to eased from the post-crisis highs seen earlier in the year. This was highlighted by the seasonally adjusted Markit/CIPS UK Construction Purchasing Managers’ Index® (PMI®) falling from 60.8 in April to 60.0 in May. The headline index was above the 50.0 no-change level for the thirteenth successive month, but the latest reading signalled the slowest pace of expansion since October 2013. Slower overall construction output growth largely reflected a moderation in commercial building ... (full story)