Rolling live coverage of business, economics and markets as stock markets gain on hopes coronavirus lockdowns are slowing disease´s spreadConstruction activity, employment and outlook all fall steeply UK car sales slump by 44.4%; but battery sales continue surgeFTSE 100 up by 1.7% at mid-morning; German shares gain 3.6% Coronavirus - latest updatesSee all our coronavirus coverage 9.51am BST There is worse to come for Britain´s construction industry, experts say. Duncan Brock, group director at the Chartered Institute of Procurement & Supply, which sponsors the PMI survey, said: The brutality of this impact cannot be underestimated, and the sector has not hit rock bottom yet. With no upturn in sight, and with the fastest level of layoffs since September 2010, the sector is stuck in quicksand and sinking further. Though lower commodity prices will bring some relief for those that can source a limited number of materials amidst disrupted supply chains, this will be cold comfort without sites to work in and staff available as health concerns remain. The closure of construction sites and lockdown measures will clearly have an even more severe impact on business activity in the coming months. Survey respondents widely commented on doubts about the feasibility of continuing with existing projects as well as starting new work.Construction supply chains instead are set to largely focus on the provision of essential activities such as infrastructure maintenance, safety-critical remedial work and support for public services in the weeks ahead. 9.37am BST British construction contracted sharply in March, according to the purchasing managers index (PMI) compiled by IHS Markit.The reading fell from 46 last in February to only 39.3 in March - far below the 50 mark that indicates an expansion. Continue reading...
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