Irish Construction: July data indicated that the Irish construction sector moved closer to recovery during the month. New business increased slightly, while activity decreased at a slower pace. The rise in new orders encouraged firms to remain optimistic regarding the future prospects for activity. The Ulster Bank Construction Purchasing Managers’ Index (PMI) - -  a seasonally adjusted index designed to track changes in total construction activity – increased marginally during July to 45.0, from 44.9 in June. Although this pointed to a further marked reduction in activity, the rate of contraction was the slowest in three years.