Urgent - Negative data on the PMI for the construction sector in the UK.

On Friday, Markit’s Statistics Office released the Purchasing Managers' Index (PMI) data for the construction sector in the UK for the month of October, showing negative figures that were significantly below market expectations.

According to the data, the PMI for the construction sector in the UK recorded 54.3 points in October, which is much lower than market expectations that anticipated a reading of around 55.3 points, and it is also lower than the previous reading of 57.2 points recorded in September.

It is worth noting that this index measures the level of activity among purchasing managers in the construction sector in the UK, indicating the degree of improvement in the construction sector. Traders closely monitor this type of data because it often reflects the performance of companies; if the reading is higher than expected, it can lead to an increase in the pound sterling, and vice versa.