Construction PMI data in Europe paints a bleak picture

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The three largest euro economies all posted steeper contractions with Italy seeing the fastest overall decline, followed by Germany and France respectively. Commenting on the latest results, Trevor Balchin, Economics Director at S&P Global Market Intelligence, said "Construction companies in the eurozone endured a deepening downturn in August, with seasonally adjusted activity dropping the most than in any month since January 2021.

In the U.K. construction companies suffered a second straight month of contraction in the face of deep uncertainty about the outlook for the inflation-hit economy. On the plus side, price pressure has eased somewhat and house-building activity increased for the first time in three months. Andrew Harker, economics director at S&P Global Market Intelligence, said"Not only did construction activity fall for the second month running, but a range of indicators from the survey pointed to further weakness ahead,"By Rajan Dhall For Kitco News

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