Forex News – UK construction sector expanded at slower rate in January

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UK construction PMI data released today show that the construction sector is still in the expansion phase and construction companies are still optimistic about the outlook of the industry.

A report produced by Markit/CIPS shows the construction PMI index gave a reading of 51.4 lower than a forecast of 52.6.

Despite January’s number being lower than previous month’s 53.2 a figure above 50 indicates expansion.

However, the data were not all gloom and doom since a breakdown of the report shows that the component measuring business confidence over the next year rose to an eight-month high, helped by what they said were improving economic conditions.

Meanwhile yesterday, the PMI survey of manufacturing showed that the sector unexpectedly returned to growth last month after having contracted in the fourth quarter of 2011.