For investors, the rate of change (or Delta) is often more important than the absolute number, since it signifies where things are heading. Take the UK Construction PMI (see below), which literally dropped off a cliff at the start of the Covid lockdowns. Since then, there has been a gradual recovery, with June’s 55.3 reading (vs 28.9 May) being above expectations (47.0), and the highest for 2 years. Reflecting a rebound in residential property (re home buyer enquiries), increased ‘stay-at-home’ DIY (re Kingfisher/B&Q Q2 sales >20% LFL) & a general desire to get back to work.
23 Jul 2020
Improving conditions with more to come
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Improving conditions with more to come
For investors, the rate of change (or Delta) is often more important than the absolute number, since it signifies where things are heading. Take the UK Construction PMI (see below), which literally dropped off a cliff at the start of the Covid lockdowns. Since then, there has been a gradual recovery, with June’s 55.3 reading (vs 28.9 May) being above expectations (47.0), and the highest for 2 years. Reflecting a rebound in residential property (re home buyer enquiries), increased ‘stay-at-home’ DIY (re Kingfisher/B&Q Q2 sales >20% LFL) & a general desire to get back to work.