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U.K. construction activity grows at fastest pace since 2007

  • U.K. construction PMI has jumped to a 6 1/2 year high of 64.6 in January from 62.1 in December and blown away consensus for a fall to 61.5.
  • Job creation rebounded, while output and new-business growth was the fastest since the summer of 2007.
  • "Housing activity growth was the highest in a decade and remains the fastest improving area of construction," says David Noble of the Chartered Institute of Purchasing & Supply. "This was supported by a solid expansion in civil engineering and commercial activity."
  • The only concern is the pressure on suppliers to meet the rush in demand.
  • The pound jumps vs the dollar and is +0.2% at $1.633, while the FTSE 100 is -0.2% but off earlier lows. (PR)
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