UK Housing Slump Hits Construction Output Harder Than Expected
The construction industry reported average cost burdens rose sharply in November along with tightness in the supply of goods and labor.
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The downturn in Britain’s housing market hit construction activity harder than expected in November, with orders drying up and mounting concerns about the outlook for the economy.
S&P Global said purchasing managers in the construction industry were the most pessimistic since the start of the pandemic in May 2020. Its index tracking output fell to 50.4 in November, the weakest in three months and down from 53.2 in October. While the index was above the threshold of 50 indicating growth for a third month running, economists had forecast a reading of 52.