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Data from FMP. Forecasts by Sigmanomics Forecast Engine.
United KingdomUnited Kingdom S&P Global/CIPS Construction PMI climbed to 48.8 in January 2024
FMPMonthlyReleased February 2024
United Kingdom S&P Global/CIPS Construction PMI climbed to 48.8 in January 2024, released February 2024, up 2 from December's 46.8 reading. The reading matched the 47.3 consensus.
Latest Release
48.800000
Actual
47.300000
Consensus
46.800000
Previous
Median Absolute Error
±1.34
across last 12 releases
Last Call
Feb 2024
Predicted: 47.3
Actual: 48.8
Error: -1.5
Sigmacast Σ-direction model: consensus + ½ × mean(surprise, trailing 90d).
CORRELATED SYMBOLS— markets that historically move with this indicator
| Symbol | Direction | Correlation | Asset Class | Signal Bias | Action |
|---|---|---|---|---|---|
| GBP/USD | ▲ Direct | +0.50 | FOREX | Bullish GBP | → View |
| EUR/GBP | ▼ Inverse | −0.45 | FOREX | Bearish EUR | → View |
| GBP/JPY | ▲ Direct | +0.40 | FOREX | Bullish GBP | → View |
| FTSE 100 | ▲ Direct | +0.35 | INDEX | Bullish UK | → View |
| XAU/USD | ▼ Inverse | −0.30 | COMMODITIES | Watch | → View |
Correlation based on 12-month rolling window. Click any symbol to view its Sigmanomics forecast page.
THE RELEASE
S&P Global/CIPS Construction PMI (United Kingdom) was reported at 48.80 in January 2024. This beat the market consensus of 47.30 by 1.50. The reading rose from the previous value of 46.80. This is classified as a medium-impact indicator released on a monthly basis.
WHY IT MATTERS
The indicator has been trending upward over the last three releases. The trailing three releases averaged 47.03, down from the prior three at 47.13.
THE MODEL'S TAKE
Historically, this indicator is positively correlated with GBP/USD (Bullish GBP). A secondary relationship exists with EUR/GBP, negatively correlated (Bearish EUR). Over the last 12 releases, the Sigmacast model's median absolute error is 1.34.
WHAT TO WATCH NEXT
Same-country events in the next 14 days include Inflation Rate MoM (Jun 17) and Core Inflation Rate YoY (Jun 17).
Auto-generated from current model state · Refreshes on each release · Last update February 2024.
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S&P Global/CIPS Construction PMI - UK
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About S&P Global/CIPS Construction PMI — United Kingdom
DEFINITION
The S&P Global/CIPS Construction PMI is a widely recognized financial indicator that measures the health and performance of the construction industry. It is based on a monthly survey of purchasing managers in the construction sector, providing valuable insights into the current and future trends of the industry. This indicator is used by investors, policymakers, and businesses to make informed decisions and assess the overall economic climate. With its comprehensive and timely data, the S&P Global/CIPS Construction PMI is a crucial tool for understanding the state of the construction sector and its impact on the broader economy.
WHY THIS INDICATOR MATTERS
Sentiment surveys are forward-looking inputs that often lead hard data on output and hiring. Sharp swings can drive cross-asset repricing. Surprises against consensus can drive short-term moves, particularly when the print breaks an established trend. Released monthly.
WHAT CHANGED THIS MONTH
Latest reading (Jan 2024): actual 48.8, consensus 47.3. Prior reading (Dec 2023): 46.8. Before that (Nov 2023): 45.5.
WHAT'S NEXT
Sigmacast's 1-month forecast points to a similar reading versus the latest print, with the 3-month outlook reinforcing that direction. Both horizons are aligned bullish for this indicator, suggesting a consistent trend signal. Trend-driven dynamics are the primary tailwind in the current projection. This indicator correlates most strongly with GBP/USD (Bullish GBP, r=0.50) — a useful reference for forex-focused traders.