Construction industry shrinks for seventh month in a row

The construction industry shrank for a seventh month in a row in September, according to the Chartered Institute of Purchasing and Supply (CIPS).

Activity in the sector fell to 38.8 last month, down from 40.5 in August. Anything below 50 indicates a contraction.

Roy Ayliffe, director of professional practice at CIPS said: "As the volatility of the world's financial markets reached fever pitch in September, purchasing managers reported a fall in activity levels throughout the UK construction economy as companies laid off staff at a considerable pace and sharply reduced buying activity."