Construction in Britain slowed in June

LONDON, July 3 (UPI) -- The Purchasing Managers Index for Britain's construction sector slowed sharply May to June, the Chartered Institute of Purchasing & Supply said Tuesday.

The PMI, which indicates business growth with numbers above 50, dropped from 54.4 to 48.2, "the fastest rate of contraction for 2 1/2 years," said the monthly report, which is co-produced by Markit Economics.

Commercial construction increased but "only marginally" in the month, showing commercial projects at the slowest pace in more than two years. Civil engineering and housing, meanwhile, both dropped for the first time since January, when those indexes dropped due to winter weather.