UK Construction Slumps as Housebuilding Drops
Britains construction sector shrank at its fastest pace since June as housebuilding suffered its worst month of the year. Rising borrowing costs and weak consumer confidence drove the downturn.
The United Kingdom's construction sector shrank last month at its fastest pace since June as housebuilding suffered its worst month of the year, a survey showed on Thursday. The S&P Global UK Construction PMI fell to 43.6 from 46.1 in September, missing every forecast in a Reuters poll. Readings below 50 denote contraction, a threshold the construction sector has failed to clear for nearly two years.
