Recent news from the construction sector suggests that the momentum that drove output sharply higher during the second and third quarters of last year is beginning to fade. Perhaps that should not be a complete surprise. After all, the speed of the preceding recovery led some to question whether the official data was providing an accurate picture of developments on the ground. Interestingly, more timely measures of sentiment are telling a broadly similar story, although these indicators are also capturing the adverse impact of the heavy snowfalls in the final month of 2010.
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