UK Construction Sector Shrinks Further

(RTTNews) - The UK construction sector contracted for the tenth consecutive month in October, marking the longest sequence of contraction since the global financial crisis, survey results from S&P Global showed on Thursday.

The construction Purchasing Managers' Index dropped to 44.1 in October from 46.2 in the previous month. The reading signaled the steepest fall since May 2020.

Moreover, the score remained below the 50.0 no-change mark for the tenth month in a row. This was the longest period of continuous decline since the global financial crisis more than 15 years ago.

Civil engineering remained the weakest-performing segment in October with activity falling at the fastest pace since May 2020. Residential work also decreased significantly, and the latest fall was the biggest for eight months.

On the other hand, commercial building activity showed some resilience as the latest index reading was little-changed since September.