Negative June PMI data a “sledgehammer” - Mortgage Strategy

  • Date: 02/07/2019

By Gary Adams, Mortgage Strategy. The UK construction PMI came in at 43.1 in June, a dramatic drop from the 48.6 recorded the month prior and far off the market expectation of 49.3. This is the sharpest fall since April 2009, IHS Markit/CIPS says, adding that both house building and commercial building projects fell off steeply  – the former being at its worst level for three years and the latter the most steeply since December 2009 – and that demand for products and materials fell at its most rapid pace since January 2010.

BLP Insurance director Phil Harris comments: “As the country braces for its next prime minister, the winning candidate must go beyond merely espousing Brexit bluster, and help reinvigorate a stuttering economy.

“After recovering from the economic crash of a decade ago and suffering through three years of Brexit related stagnation, the construction industry needs some positive momentum, decisive action from Whitehall and above all else a degree of certainty.”

Read the full article on the Mortgage Strategy website.

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