Analysts at TD Securities note that the UK’s construction PMI unexpectedly declined in May to 48.6, its lowest reading since the Beast of the East-influenced March 2018 drop.
Key Quotes
“While house building was up modestly, engineering and commercial work were lower. Brexit uncertainty continued to dominate commercial building and civil engineering activity. We have now seen 2 of the 3 UK PMIs slip below 50 in May, which doesn’t bode well for Q2 GDP, which is already expected to pullback sharply on account of an inventory unwind.”
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