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12/6/2022, 10:33 AM (Source: TeleTrader)
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UK's construction growth at 3-month low in Nov.

The construction sector in the United Kingdom continued to grow in November but at the weakest pace in the past three months, with the seasonally adjusted Purchasing Managers' Index (PMI) standing at 50.4, the S&P Global and the Chartered Institute of Purchasing & Supply (CIPS) said in their report issued on Tuesday.

The figure came in lower than expected and represented a decrease from October's 53.2. Meanwhile, business optimism nosedived to the two-and-a-half-year low, "the joint-weakest since December 2008" disregarding the first few months of the COVID-19 pandemic.

"Survey respondents noted that new residential building projects had been curtailed in response to rising interest rates, canceled sales and worries about the economic outlook," S&P Global Market Intelligence Economics Director Tim Moore commented.

Baha Breaking News (BBN) / JR