U.K. construction PMI grew unexpectedly last month

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Source: Reuters
© Scanpix/Reuters
Markit, a market research group, reported on Friday that British construction sector grew unexpectedly last month, but U.K. firms continued to be cautious about the future. The Markit/CIPS Construction Purchasing Managers' Index climbed to 50.9, the highest since July, compared to a reading of 49.5 in the preceding month. Analysts, however, expected that the index would be equal to 49.1 in October.

"The bigger picture remains bleak. The year-ahead business outlook was still relatively subdued during October, as survey respondents cited weak spending patterns and squeezed budgets among clients," said, senior economist at Markit, Tim Moore, who compiled the survey.
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