Overview
- Britain's construction PMI fell to 44.1 from 46.2, the fastest contraction in over five years, with civil engineering at its weakest since May 2020 and housebuilding sliding.
- Germany's construction PMI dropped to 42.8 from 46.2, the sharpest fall in seven months, as residential work sank further and civil engineering returned to contraction.
- UK survey participants reported accelerated declines in new orders as clients delayed projects due to risk aversion and political and economic uncertainty before the Nov. 26 budget.
- UK firms cut jobs at a faster pace, taking the employment index to its lowest since August 2020, and reported the steepest fall in input buying since May 2020.
- Cost inflation eased on both surveys, while HCOB said Germany’s housing measures are failing, called for subsidies and more social housing, and forecast civil engineering to stabilize next year as public projects roll out.