U.K. Construction Shrinks at Fastest Pace Since 2009 on Brexit
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PMI index plunges to 46 in June from 51.2 the previous month
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Markit says 80% of responses collected before EU referendum
U.K. construction unexpectedly shrank at the fastest pace since 2009 in June as the impending vote on Britain’s European Union membership stymied residential building.
A Purchasing Managers’ Index slid to 46 from 51.2 a month earlier, Markit Economics said in London on Monday. Economists in a Bloomberg News survey had predicted a reading of 50.7, above the 50 level that divides expansion from contraction.
The report adds to evidence that the June 23 referendum was hindering the economy even before the shock vote to leave. Markit said it collected the construction survey data between June 13 and June 29, with just over 80 percent of the responses submitted before the result was announced on June 24…
U.K. Construction Shrinks at Fastest Pace Since 2009 on Brexit
