The UK Construction PMI was 47.9 in May, slightly higher than the 46.6 in April. 50=no monthly change, so it represents yet another decline in activity, but its slowest fall since January. However, as stated in previous updates, the PMI may reflect sentiment more than actual activity, especially in housing, as firms report to the CPA that activity has been gradually improving, not the sharp declines the PMI suggest. 

House building was the weakest-performing sector (45.1) with respondents reporting subdued demand. Civil engineering also decreased (45.9), its fifth monthly contraction. Commercial work (49.5) fell marginally, its slowest decline since January. New work decreased at its slowest rate for four months. Respondents reported fewer orders due to delayed client decision-making and cutbacks to capital spending. 

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