Forex Pros — Britain’s construction sector activity weakened slightly less-than-expected in June, industry data showed on Monday.
In a report, market research firm Markit and the Chartered Institute of Purchasing & Supply said that their U.K. construction purchasing managers’ index dipped to a seasonally adjusted 53.6 in June from May’s reading of 54.0.
Economists had expected the index to ease down to 53.5 in June.
On the index, a level above 50.0 indicates industry expansion, below indicates contraction.
A slowdown in new business growth was the primary contributor to the lower rise in activity. Furthermore, employment in the sector decreased at the fastest rate since January, while confidence weakened sharply in June from May’s 12-month high to the lowest since last December.
Commenting on the report, chief executive officer at the CIPS David Noble said,”Optimism about increases in activity was stifled by concern over the overall health of the economy and the level of both public and private sector spending.”
Following the release of that data, the pound was up against the U.S. dollar, with GBP/USD rising 0.29% to trade at 1.6121.
Meanwhile, European stock markets were mixed. The FTSE 100 climbed 0.1%, the EURO STOXX 50 slumped 0.2%, France’s CAC 40 shed 0.15%, while Germany’s DAX eased up 0.1%.
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