The "chilling" of the UK construction industry is coming! PMI plummets to five-year low, recession alert sounded.

According to the Wisdom Financial APP, a survey of great concern shows that output of UK construction companies has suffered the most severe decline in five years. The UK construction Purchasing Managers' Index (PMI) for July fell from 48.8 in June to 44.3, the lowest level since May 2020 when the industry was first impacted by the initial COVID-19 lockdown. This data is well below the stable level expected by economists, and significantly below the 50 mark indicating growth or decline.