Great Britain’s construction industry recorded a 10-month low in February, according to Reuters.
Even if the forecasts of Reuters’ poll of economists expected an increased index of 55.5, the Markit /CIPS UK Construction Purchasing Managers' Index (PMI) decreased from 55.0 to 54.2, a thing which shows a big slowdown of the economy.
Britain’s economy started to recover back in June 2013, but the house building didn’t manage to increase it. The construction firms also hired their staff at a very low price. February 2016 was the weakest month in the last three years.
Tim Moore, senior economist from survey compiler Markit, said that "aside from the pre-election slowdown last year, the latest upturn in construction output was the weakest for over-two-and-a-half years. What's different this time around is that construction companies have cut back on employment growth in response to the uncertain business outlook.”
The construction firms bought the materials at the slowest pace since June 2013 and hope for a slight growth this year. Still, Britain's referendum on its membership of the European Union from June, will also add to the risk this decrease represents for households and construction firms.
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