UK: Upside risks to June’s construction output data - TDS

Research Team at TDS, sees upside risks to June’s construction output data with a decline of 0.4% on the month vs consensus of -1.0%, building further on May’s decline of 2.1% m/m.

Key Quotes

“June’s construction PMI tanked more than 5 points, but there’s a surprisingly weak correlation between the PMI and its low-quality ONS construction output counterpart.”