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5/6/2020, 10:30 AM (Source: TeleTrader)
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UK construction PMI plunges to record low

The construction sector in the United Kingdom plunged significantly over the estimates to just 8.2 points in April, according to the report published by the IHS Markit on Wednesday. The figure marked the lowest reading since April 1997, when the data started being collected.

The report registered falls in all three main areas of the construction activity, as house building, commercial activity and civil engineering all declined due to the coronavirus-related business closures last month.

Commenting on the situation, IHS Markit Economics Director Tim Moore estimated that "the prospect of severe disruption across the supply chain will continue over the longer-term," adding that "construction companies widely commented on worries about cash flow, rising operating costs and severely reduced productivity."

Baha Breaking News (BBN) / ND