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

The uptick in the headline CIPS construction PMI from 45.0 in September to 45.6 in October still left it below the 50 “no-change” mark. But despite an improvement in both the commercial activity and housing balances, we think that construction activity will remain subdued over the rest of this year as tight monetary policy continues to feed through.

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