The latest figures published by financial information services company Markit show that construction sector output fell again in November.
According to the Purchasing Managers' Index™ (PMI™) series compiled by Markit, key benchmark indicators for measuring the business and economic conditions, the PMIs point to a risk of renewed economic downturn in fourth quarter.
Markit said the UK is undergoing a renewed bout of economic weakness as it heads towards the end of 2012. While the all-sector Output Index from the three PMI surveys rose from 49.7 in October to 50.2 in November, the latest reading was the third-weakest since April 2009 and consistent with the economy sliding back into contraction after the temporary growth surge seen in the third quarter.
In contrast to official data the PMI suggests that the underlying trend in the economy over the second and third quarters has been one of near-stagnation, with the risk of a new downturn in the final three months of the year.
Although manufacturing is showing signs of stabilising, services growth has sunk to near-stagnation and the construction industry is again contracting.
Construction dips as outlook darkens
According to the PMI, the figures indicate that the output of the construction industry fell slightly in November. WMarkit said that worse may be yet to come, as the industry reported the steepest drop in new business since April 2009 and business confidence sank to its lowest for almost four years.
Official data showed the industry to have contracted by 2.6% in the third quarter, following declines of 5.9% and 3.1% in the first and second quarters respectively – a far more negative picture of the health of the industry than presented by the PMI. However, the weakness of the Construction PMI in the fourth quarter so far (the Activity Index fell from 50.9 in October to 49.3 in November), suggests that the sector continues to act as a drag on the economy.
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