British construction near no growth

A decline in new orders left the Purchasing Managers Index for construction in Britain one tick above breaking even, research firm Markit said Tuesday. With 50 the point between contraction and growth, the PMI for the sector for September came in at 50.1, Markit said. The index, which stood at 52.6 in August, fell despite a slight gain in the employment index -- one of the components that makes up the PMI. For new orders, it was the first contraction since February 2010. Markit economist Sarah Bingham said, "activity growth slowed to near-stagnation, with construction relying on work on existing contracts to support output." "This therefore bodes ill for construction activity in the coming months," she said in a statement.