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Pound jumps as UK construction sector bounces back

by May 2, 2018

written by 2^nd May 18 11:29 am

Some respite

The pound inched higher against the dollar to $1.3644 today following the news that the UK’s construction sector has bounced back.

According to the IHS Markit, activity rose to 52.5, up from a contraction of 47 in March and ahead of analysts expectation for a reading of 50.5. (Reading above 50 indicates growth)

Tim Moore, the associate director at IHS Markit, which compiled the report, said: “A rebound in construction activity was pretty well inevitable after snowfall resulted in severe disruptions on-site during March.

“Housebuilding led the way, with growth in April among the strongest seen over the past two and a half years. However, the picture was less positive in other areas of construction, with commercial building and civil engineering work rising only marginally.”