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S&P Global/CIPS Construction PMI (Sep.)

The surprise increase in the construction PMI reflected an improvement on the supply side, as easing demand cut delivery times and improved contractor availability. But a slowing economy and rising interest rates mean that improvement will prove short-lived. Indeed, the forward-looking components of the index dropped to their lowest since the height of the COVID-19 lockdowns, and the headline index will soon drop back below 50.

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