Building activity in the U.K. reached its lowest level since recordkeeping began in 1997 as the construction PMI index slipped to 35.1 from 38.8 in September. The release crossed the wires much weaker than the 37.8 estimate anticipated by economists, which indicates that economic activity is slowing at a faster pace than initially expected. The lack of recovery housing sector paired with mounting turmoil in the credit market suggests that conditions may only get worse over the coming months as Europe’s second largest economy heads into a recession. Despite the increased efforts by the Bank of England to stave off further downturns in the economy, the central bank is expected to lower borrowing costs by 50bp this week, and could be forced to ease policy further in order to avoid a severe downturn in the economy.