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Construction output of the U.K. economy tumbled at the fastest pace in a six-month period in the month of December as residential building decrease to its lowest level since the end of 2010, the Markit survey showed on Thursday. The Markit/CIPS Construction Purchasing Managers Index dropped to 48.7 in December from 49.3 in the month before, compared to a forecast of 49.5.
"December rounded off a miserable year for the UK construction sector," said Tim Moore, senior economist at Markit and author of the survey, noting weak underlying demand. "Survey respondents are also relatively subdued about the 2013 outlook amid reports from their clients that budgets will be under even greater pressure over the year ahead," Moore said.