Business conditions in the Irish construction sector continued to deteriorate in January. Both activity and new business fell sharply, despite the respective rates of contraction easing, while jobs were again cut at a considerable pace. The Ulster Bank Construction Purchasing Managers’ Index (PMI) — a seasonally adjusted index designed to measure the overall performance of the construction economy — rose to 36.1 in January, from 33.1 in December, its highest level since last August. However, the reading still represented a substantial fall in activity during the month as wider economic conditions remained fragile. Activity has decreased in each month since June 2007.
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