UK July construction PMI slowdown in early 2015

It is a relatively quiet day for data with the July construction PMI the only release of note in the UK. While this rose sharply in June, it is still below its level in Q1 and even further below the average for 2014. This relatively poor performance is also reflected in the official construction data, which shows that construction output has so far made no contribution to GDP growth in 2015. 

The weakening of the PMI series in the first half of the year reflects a slowdown in both housing and commercial activity. Last month's rebound was led by the commercial sector but recent signs of life in the housing market, with transactions rising, point to a likely rise in construction in that sector.