The purchasing manager index of activity in the UK construction sector fell to 59.2 in December from 60.5 in November, the Chartered Institute of Purchasing and Supply (CIPS) said today. A reading above 50 indicates an expansion in activity, while a sub-50 figure indicates contraction. The index has now stayed above the 50 point cut- off for 59 straight months. In the last quarter of 2003, growth in the construction sector was the sharpest since the second quarter of 2000.
In December, the sub-index for new orders rose to 61.0 - the highest since July 2001, while the employment index slipped to 55.2 from 55.5 in November. Firms in the construction sector said they were confident of growth in 2004 amid hopes of improvement in business conditions. //www.fxcentre.com