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Construction sector still the "sick man of the UK economy"

3 September 2009

The need for interim financial directors to help construction companies adapt in the wake of the recession has been highlighted by a new report from the Chartered Institute of Purchasing & Supply (CIPS).

While the CIPS/Markit Purchasing Managers' Index figure for August showed improvement on the equivalent result for the previous month, David Noble, chief executive of the CIPS, has still described the sector as the "sick man of the UK economy".

"Far from seeing signs of a return to growth, the sector remains stuck in an unprecedented 18-month period of contraction," he commented.

Mr Noble added that the situation had been compounded by news of further job cuts prompted by reduced business activity.

The CIPS/Markit Purchasing Managers' Index was recorded at 47.7 in August, up from 47 in July.

A figure below 50 is representative of contraction, 50 is neutral and above 50 is indicative of growth.

Earlier this year, the CIPS noted that the gap between male and female professionals is shrinking.

Categories: Financial Management


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