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UK construction output rises at slowest pace for five months
October data indicated a strong overall increase in UK construction output, but the pace of expansion was the weakest since May. All three broad areas of construction activity posted a slower rise in output, led by the slowest upturn in residential building for 12 months. The seasonally adjusted Markit/CIPS UK Construction Purchasing Managers’ Index® (PMI®) registered 61.4 in October, down from 64.2 during September and the lowest reading for five months. However, the index remained well above the neutral 50.0 mark and was much higher than the long-run survey average (54.5). Higher levels of business activity ... (full story)