There was more evidence of a UK bounceback from coronavirus lockdown today with signs the construction industry has returned to growth. The closely-watched PMI index surged to 55.3 last month, up from just 28.9 in May and its record low of 8.2 in April. Anything above 50 on the IHS Markit/CIPS measure represents an increase in activity. The figures suggest the economy is dragging itself off the floor after the shutdown to combat the deadly disease. The country is facing the worst recession in 300 years, with fears millions of people will be left unemployed. However, the Bank of England has highlighted glimmers of hope that the downturn might not be quite a deep as initially feared. Chancellor Rishi Sunak is set to unveil plans for shoring up jobs in a mini-Budget on Wednesday, after Boris Johnson loosened lockdown at the weekend so shops and the hospitality sector can get up and running. The closely followed PMI index surged to 55.3 last month, up from just 28.9 in May and its record low of 8.2 in April The influential survey of purchasing managers found the steepest pace of growth for the construction sector since July 2018, as supply chains reopened… Read full this story
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