Construction industry reports a slowdown

Output in Britain's construction sector unexpectedly fell last month as commercial building and civil engineering work continued to drag on the industry. The Markit/CIPS UK Construction purchasing managers' index showed a reading of 52.2 in December, down from 53.1 in November and below economists' forecasts of 53.1. Despite the industry struggling to fire on all cylinders, housebuilding levels proved robust and new orders accelerated at the fastest pace since May. However, these bright spots failed to inspire a cheerier outlook from firms, with the balance of companies expecting a boost to output levels in 2018 proving one of the weakest for four-and-a-half years.