Economics
U.K. Construction Shrinks at the Fastest Pace in Seven Years
- Manufacturing also slumped in July, Markit survey showed
- BOE policy makers forecast to cut interest rate on Thursday
A construction worker looks out from a floor of residential apartment block building site in London.
Photographer: Chris Ratcliffe/BloombergThis article is for subscribers only.
U.K. construction shrank the most since the financial crisis in July, with companies citing uncertainty related to Brexit for the continued weakness.
Markit Economics said its Purchasing Managers Index for construction activity slipped to 45.9 from 46 in June. That’s the lowest since June 2009, when the economy was last in a recession. All three sectors -- housing, commercial and civil engineering -- recorded sub-50 readings, indicating contraction.