UPDATE 1-UK construction PMI weakens in Oct -CIPS - News

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UPDATE 1-UK construction PMI weakens in Oct -CIPS

By: AFX | 03 Nov 2009 | 05:13 AM ET

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LONDON, Nov 3 (Reuters) - British construction activity fell at a slightly faster pace in October than it had in September, the first increase in the pace of decline since June, a purchasing managers' survey showed on Tuesday. The PMI survey from Markit Economics and the Chartered Institute of Purchasing and Supply showed that the index fell to 46.2 in October from 46.7 in September. A decline in activity has now been recorded in each of the past 20 months. "The fact that the sector took another turn for the worse this month just highlights how fragile it still is," said David Noble, chief executive officer at CIPS. He said further drops in commercial and civil engineering activity were the key drivers behind the bad news. "A stabilisation in order books did little to support activity, while weak sterling and higher fuel prices added to constructors' difficulties," he added. Keywords: PMI CONSTRUCTION/BRITAIN (Reuters Messaging: david.milliken.reuters.com@reuters.net; david.milliken@reuters.com; +44 20 7542 5109) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.

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