美国建筑指标：尽管积压订单减少，但价格保持稳定

EUROPE | Building, Construction &Housebuilders US Construction Indicators: Pricing HoldingDespite Ebbing Backlogs ABC data in May shows total months of construction backlogs in theUS have continued to ebb, commercial recovering some ground butinfrastructure continuing to weaken. Pricing across the sector saw positivemomentum in May, with aggregates continuing to show high single digitpercentage increases YoY, while most others categories continuing +2-4%YoY. Reflecting movements in oil price, asphalt and shingle prices haverecovered ground through the last months. Laura Ojeil * | Equity Analyst+44 (0)20 7029 8220 | lojeil@jefferies.com Glynis Johnson * | Equity Analyst44 (0) 20 7029 8677 | glynis.johnson@jefferies.com Priyal Woolf * | Equity Analyst44 (0) 20 7029 8183 | pwoolf@jefferies.com Graham Hunt, CFA * | Equity Analyst44 (0)20 7548 4251 | ghunt@jefferies.com Gonzalo Riera Ripoll * | Equity Associate+44 (0)20 7548 4690 | grieraripoll@jefferies.com Analyst Certification: I, Laura Ojeil, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report. I, Glynis Johnson, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report. I, Priyal Woolf, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report. I, Graham Hunt, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report. I, Gonzalo Riera Ripoll, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies)and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendationsor views expressed in this research report. Registration of non-US analysts:Laura Ojeil is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is not registered/qualifiedas a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore may not be subjectto the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held by a research analyst. Registration of non-US analysts:Glynis Johnson is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore maynot be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held bya research analyst. Registration of non-US analysts:Priyal Woolf is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore maynot be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held bya research analyst. Registration of non-US analysts:Graham Hunt, CFA is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore maynot be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held bya research analyst. Registration of non-US analysts:Gonzalo Riera Ripoll is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore maynot be subject to the FINRA Rule 2241 and restrictions o