UK construction output to bounce in May

UK construction data were heavily revised last month as a new interim price series was introduced. The construction output series now shows that the upward trend reached a peak in the autumn of last year and has since been on a plateau. The new price series will be used from now on until a more satisfactory set of price data can be found, notes Societe Generale. Given the improvement in the general state of the economy and in finance conditions, even that new series seems too low. 

"However, the construction PMI, whilst poorly correlated with the official series, also indicates a loss of momentum so we should expect little more than volatility", says Societe Generale.