At 50.9 in July, up from 48.2, the seasonally adjusted Markit/CIPS Construction Purchasing Managers’ Index® (PMI®) moved back above the 50.0 no-change level, rebounding slightly from June’s two-and-a-half year low. However, the latest reading was well below the long-run series average (54.2) and pointed to only a marginal expansion of overall UK construction output. Growth was largely confined to the commercial sub-sector in July, as house building and civil engineering activity continued to decline. The latest reduction in civil engineering was the second-fastest since September 2011. July data indicated a further ... (full story)