U.K. Construction Shrinks for Third Month on Weak Demand, Snow

U.K. construction shrank for a third month in January as weak demand was compounded by a cold snap that brought snow across the country and created a drag on building projects, Markit Economics said.

An index of activity held at 48.7 from December, Markit and the Chartered Institute of Purchasing and Supply in London said in a statement today. That’s below the 49.2 reading that was the median estimate of 11 economists in a Bloomberg News survey. A reading below 50 indicates contraction.