"Reports of the U.K,'s return to recession appear to have delivered a blow to general confidence in construction"
- David Noble, Chief Executive Officer at the Chartered Institute of Purchasing & Supply
U.K. construction activity slowed to a three-month low in May. The purchasing managers index for the industry slid to 54.4 last month from 55.8 in April, showed a survey by Markit and the Chartered Institute of Purchasing and Supply.
"Reports of the U.K,'s return to recession appear to have delivered a blow to general confidence in construction, with this month's PMI posing some big questions for the sector in the coming months," said David Noble, Chief Executive Officer at the Chartered Institute of Purchasing & Supply.
U.K. stocks closed higher on Wednesday as the ECB kept rates on hold. The benchmark FTSE 100 Index gained 2.36%, or 123.92 points, to 5,384.11. The FTSE All-Share Index gained 2.30%, or 62.96 points, to 2,795.61.
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