On Friday, Markit’s Statistics Office released the Purchasing Managers' Index (PMI) data for the construction sector in the UK for the month of January. The data was extremely negative and significantly worse than market expectations.
According to the data, the Purchasing Managers' Index for the construction sector in the UK recorded 48.1 points in January, which is much lower than market expectations that predicted the index to record 53.5 points. It is also lower than the previous reading of 53.3 points in December.
It is worth noting that this index measures the level of activity among purchasing managers in the construction sector in the UK and indicates the extent of improvement in the construction sector. Traders closely monitor this type of data because it often reflects company performance. If the reading is greater than expected, it contributes to the rise of the pound sterling, and vice versa.
