Bad numbers for UK construction
Construction and manufacturing are both contracting in the UK
From Markit Economics, the UK construction PMI fell from 54.4 in May to 48.2 in June. It was the worst collapse since February 2009.
The index is a measure of output of construction companies, where numbers below 50 indicate contraction. Previous highs had been used by those doubting the economy was in a recession to argue that the ONS had got its figures wrong, but with this month's fall, those doubts are looking less tenable.
Yesterday, the manufacturing PMI was revealed to be still in contraction territory, although the contraction is less severe this month than it was last (48.6 up from 45.9):
Either way, a bad pair of figures.