UK construction PMI rebounded more than expected

The UK construction PMI rebounded more than expected (55.9 vs est. 55.0) following a steep six-point cumulative drop in the prior two readings, no doubt helped by a more decisive UK election outcome. 

New orders jumped from 52.4 to 55.0 with the Markit report noting "signs of a post-election bounce in clients' willingness to spend". Employment growth looks to be booming too (59.5 from 58.1). 

Separately, mortgage approvals were also firmer than expected (68.1k vs est. 63.5k), running ahead of the BoE's 65k-per-month marker and suggesting healthy developments for the housing market. 

Taken together, the UK economist notes that these are early signs that the generally weaker start for the economy in Q1 could be giving way to better news in the aftermath of the election.