May saw the Middle East cost shock evolve from a supply squeeze into a broad demand problem, with collapsing orders now overtaking rising costs as the main concern. The S&P Global UK Construction PMI fell again to 38.2 in May from 39.7 in April, below the neutral 50.0 mark for the seventeenth month running and the steepest contraction since May 2020. This month’s drop was underpinned by orders, total new business fell at its fastest pace in six years as clients delayed projects, deferred investm ....
