Worrying signal from British construction sector

Activity fell sharply in run-up to Brexit refefrendum

4th July, 2016
Brexit fears stymied British construction Pic: Getty

British construction unexpectedly shrank at the fastest pace since 2009 in June as the impending vote on Britain’s European Union membership stymied residential building.

A Purchasing Managers’ Index slid to 46 from 51.2 a month earlier, Markit Economics said this morning. Economists in a Bloomberg News survey had predicted a reading of 50.7, above the 50 level that divides expansion from contraction.

“Construction firms are at the sharp end of domestic economic uncertainty and jolts to investor...

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