News

Eurozone Construction PMI Edges Down to 52.9 in December

0
young professional engineer worker in protective helmet and blueprints paper on hand working on ladder at the house building construction site

Growth at eurozone firms eased last month as builders continued to struggle from shortages of materials.

Source: IHS Markit

Euro Stoxx 50 down -1.20%, EUR USD down -0.04%

The eurozone construction PMI, which measures activity in the sector, dropped to 52.9 in December from 53.3 in November, signalling a slowdown.

Firms posted an increase in new orders, as projects were on hold due to the pandemic resumed. But cost burdens continued to rise and confidence about the outlook deteriorated.

Usamah Bhatti, economist at IHS Markit stated that the recovery in the eurozone construction sector continued into its third consecutive month at the end of 2021, as businesses posted a solid, softer increase in activity.

Meanwhile, Bhatti further stated that firms continued to report widespread shortages of raw materials across the trading block that hampered supply chains and cost burdens.

The growth in eurozone construction activity was largely attributable to further upturn among Italian companies. French firms posted a softer growth rate, as Germany reported a sustained decrease.

fxcoach

US Services Sector Slowed Slightly in December

Previous article

Bladerunner Forex Strategy: How to Use It?

Next article

You may also like

Comments

Leave a reply

Your email address will not be published.

More in News