German Construction Sector Contracts Further In July


06/08/2012 11:35 AST  RTT News

German construction sector contracted at a steeper pace in July, the latest report from Markit Economics showed Monday.

The seasonally adjusted purchasing managers' index, that measures the performance of the construction sector, fell to 44.6 in July from 46 in June. A PMI reading below 50 suggests contraction of the sector.

Sharp rates of contraction were recorded across all key categories of the industry. Civil engineering activity showed the greatest weakness of the sub-sectors overall. Declines in home-building and civil engineering activity were the most marked since February.

Overall new orders received by the industry declined for a fourth consecutive month in July.

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