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The
S&P Global/CIPS construction Purchasing Managers' Index (PMI)
came in at 49.2 in August, edging up from 48.9 in July but
staying below the 50.0 threshold denoting growth.
Economists polled by Reuters had forecast a fall to 48.0.
"Not only did construction activity fall for the second month
running, but a range of indicators from the survey pointed to
further weakness ahead," Andrew Harker, economics director at
S&P Global Market Intelligence, said.
New orders showed the weakest growth since June 2020 and
concerns about the sector and the wider economy hit confidence,
he said.
Job creation slowed but price pressures were their weakest since
February 2021, a potential silver lining for the Bank of England
as it monitors the impact of inflation in the labour market and
the broader economy.
Civil engineering contractors suffered the biggest hit in the
sector for a second month in a row while house-building activity
increased for the first time in three months.
The all-sector PMI, which includes data for the services and
manufacturing sectors released in recent days, fell to 49.6 from
51.8 in July, its lowest since January 2021, underscoring the
challenge facing new British Prime Minister Liz Truss.
British consumer price inflation hit a 40-year high of 10.1% in
July and is set to rise further.
(Reporting by William Schomberg; Editing by Hugh Lawson)
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