UK construction PMI a tad weaker in July, but beats estimates

The construction sector activity in the UK economy dipped slightly in July, although beat expectations by a wider margin, a fresh report from Markit Economics showed on Monday.

The final Purchasing Managers' Index (PMI) in the UK fell further to 45.9 points in July after having dropped to 46 points in June. Markets had predicted a drop to 43.8 in July.

Tim Moore, senior economist at Markit noted in the report, "July’s survey is the first construction PMI compiled entirely after the EU referendum result and the figures confirm a clear loss of momentum since the second quarter of 2016, led by a steep and accelerated decline in commercial building. Reduced volumes of new work to replace completed projects contributed to a fall in employment for the first time in just over three years."