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U.K. Construction Shrinks at Fastest Pace Since 1997
Tuesday, 02 December 2008 08:50:18 GMT
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U.K. November construction PMI fell to 31.8 from 35.1, a new record low since the series began in 1997. The reading highlights the dire state of the U.K. property market, where especially the commercial property sector has been hard hit by the credit crunch and the construction industry has seen significant lay-offs. The sharp drop follows a similar move to yesterday's manufacturing PMI reading, emphasizing how the whole U.K. economy has been severely affected by the economic slowdown, increasing the risk for a prolonged recession.
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