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The United Kingdom’s construction sector slumped at the fastest pace in almost seven years, following its vote on June 23 to leave membership of the European Union, according to a business survey that revealed that the economy is facing the risks of recession post the referendum.
The Markit/CIPS UK Construction Purchasing Managers' Index (PMI) inched down to 45.9 in July from 46.0 in June, the lowest reading since June 2009 and some way below the 50 mark that divides expansion from contraction. A Reuters poll had expected a drop to 43.8.
"UK construction firms frequently cited ongoing economic uncertainty as having a material negative impact on their order books," Reuters reported, citing Tim Moore, Senior Economist, Markit.
Further, the survey of 170 construction companies showed firms cut staffing at the fastest rate since November 2012, with this component of the index falling to 49.3 from 52.5 in June. Also, prices paid for raw goods and materials for both construction and manufacturing increased at the sharpest pace since March 2015, which Moore linked to sterling's depreciation since the referendum.
Survey respondents noted that uncertainty following the EU referendum had dampened client confidence, led to greater risk aversion, and encouraged a wait-and-see approach to decision making. However, there have been certain reports citing that demand has remained resilient to Brexit than expected, especially in the commercial building sector.
Meanwhile, the pound has recovered some ground since a dramatic 14 percent fall against the dollar after the vote, but hit a three-week low against the euro after the disappointing manufacturing PMI on Monday.
