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

The headline CIPS construction PMI barely changed in November, settling at 45.5 from 45.6 in October, and was still below the 50 “no-change” mark. The sharp fall in the commercial balance was offset by a rise in the housing balance, though both readings remain weak by past standards. Looking ahead, we think this weakness will continue as the impact of high interest rates continues to pass through.

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