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Originally Posted by TheDaddy
Uk building sector has shrunk to lowest level since 2009, another victory...
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The Markit/Cips data for July showed that the purchasing managers' index, or PMI, for the construction industry fell to 45.9 in July from 46.0 in June.
The index measures new orders, deliveries and employment, among other things, and is considered a key indicator in the confidence of the construction sector.
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A 0.1 drop, that's huge. Construction projects are a LONG TERM thing. Buying of land, design plans, planning permission, all take time. Any new orders, deliveries, and employment would be as a result of projects planned near the beginning of the year. Therefore nothing to do with Brexit. There's a surprise.
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The figures deal a further blow to a sector that was already in recession in the second quarter and has been greatly underperforming the rest of the economy, Markit said.
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