020 7898 0500After the release of the disappointing UK manufacturing PMI data on Tuesday, attention turned to the construction sector. In March, it shrank to 47 which was largely a result of the extended period of inclement weather we had, so it was hoped the sector could significantly improve. And it did. Analysts had forecast an increase of 50.5 in April, but the figure actually came in at 52.5.
However, it is worth noting that this is only a moderate recovery; just because analysts didn’t expect it to perform quite as well as it did, does not necessarily mean the performance was excellent. Perhaps that explains why the pound strengthened immediately following the release, before retracing much of its earlier movements in the afternoon.
Today we will see the services PMI for April which is expected to increase from 51.7 in March to 53.5. The Great British public will also take to the polls to cast their vote in the local elections. It will be fascinating to see what the results are, especially given the recent turmoil surrounding the government.
