UK September construction output falls 1.5% y/y, better than expected

The smaller-than-expected contraction matters less for the absolute decline than for the direction: the annual pace improved on the prior reading, suggesting the drag from construction is easing rather than deepening. That is a marginal positive for UK growth sentiment, though a single month's beat against a still-negative print is thin evidence of a turn. The open question is whether this moderation persists into subsequent data or proves a one-off; until then, the sector remains a headwind, just a less severe one.