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GBP: UK construction PMI, strongest in seven months - TDS

FXStreet (Delhi) – Ned Rumpeltin, European Head of Currency Strategy at TD Securities, notes that the UK construction PMI registered a strong gain in September, rising from 57.3 to 59.9 and this was the best reading in seven months and comes against consensus expectations for only a small rise while we had been looking for a slight decline.

Key Quotes

“September’s strong report was broad-based, as all three areas showed an acceleration. This included the fastest pace in residential construction in a year as it seems some larger projects that had been delayed got off the ground.”

“But interestingly, in spite of the spurt in production and further acceleration in hiring, new orders eased off and supply pressures within the industry reportedly have lessened. This suggests less evidence of inflationary pressures.”

“So overall, the message is ongoing growth, though we'd still be sceptical of this accelerating meaningfully given the details here. Ultimately, we see no smoking guns for needs for tightening policy to manage price pressures.”

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