"There is barely a crumb of comfort in this month's figures for the construction industry"
- CIPS Chief Executive Officer David Noble
The output of Britain's construction sector shrank the most in more than three years in February, raising fears of a triple-dip recession, a report by the Markit and the Chartered Institute of Purchasing and Supply showed Monday. A gauge of construction activity fell to 46.8 from 48.7 in January, reaching the lowest level since October 2009 and being well below analysts' expectations that called for a 49.2 reading. An index fell below the 50 threshold, which separates growth from contraction, for the first time since October. Activity at all three sectors—manufacturing, service and construction, slowed down during the last several months, reviving concerns the economy could shrink again this quarter.
"There is barely a crumb of comfort in this month's figures for the construction industry," said CIPS Chief Executive Officer David Noble. They are "disappointing to say the least and with little in sight to improve the sector's fortunes."
"The marked fall in construction output reflected a return to declining levels of commercial building work and a sharp decrease in civil engineering activity," CIPS chief executive David Noble said. "Commercial construction decreased at the steepest pace for just over three years, while the latest reduction in work on civil engineering projects was the fastest since October 2009."
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