UK Markit construction PMI contracts in June, hits 7-year low

The construction sector activity in the UK economy extends its stretch of poor performance and fell into the contraction territory in June, after having expanded for thirty-seven straight months, a fresh report from Markit Economics showed on Monday.

The final Purchasing Managers' Index (PMI) in the UK deteriorated further to 46.0 points in June, after having dropped to 51.2 points in May. Markets had predicted a drop to 50.7 in June. The PMI gauged dropped to the lowest levels since 2009.