The decline in the headline CIPS construction PMI from 50.8 in August to 45.0 in September took it below the 50 “no-change” mark for the first time since January. The fall was driven by a plunge in the commercial balance, as well as a decline in the housing reading. This weakness chimes with our view that construction activity and lending will deteriorate further as tight monetary policy continues to bite over the rest of this year. (See here.)
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