10/6, 10:32 AM (Source: TeleTrader)
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UK construction sector activity rises in September

The activity in the construction sector in the United Kingdom rose in September, a report by S&P Global and CIPS showed on Thursday. The seasonally adjusted S&P Global/CIPS UK Construction Purchasing Managers' Index (PMI) stood at 52.3, increasing from August's reading of 49.2 and returning to growth for the first time since June.

However, business optimism for the next 12 months hit the lowest level in 26 months with firms stressing that recession risks and higher interest rates affected confidence.

"UK construction companies experienced a modest increase in business activity during September, but the return to growth was fuelled by delayed projects and easing supply shortages rather than a flurry of new orders," Tim Moore, economics director at S&P Global Market Intelligence stated and added that "forward-looking survey indicators took another turn for the worse."

Baha Breaking News (BBN) / NP