- U.K. construction PMI unexpectedly climbed to a six-year high of 62.6 in November from 59.4 in October and belied consensus for a fall to 59.
- Overall business activity rose for the seventh month in a row as new orders and employment increased sharply, while residential construction growth was the strongest for ten years.
- However, Markit notes that construction is recovering from a low base because of a deep and protracted double-dip recession that only ended in the summer.
- "There is still a huge loss of output to recoup before the sector reaches its pre-recession peak," Markit says.
- The pound is +0.3% at $1.6406, although the FTSE 100 is -0.5%. (PR)
U.K. construction activity continues to power ahead
Dec 3 2013, 04:43 ET