U.S. Construction Spending Decreases More Than Expected In August
A report released by the Commerce Department on Monday showed construction spending in the U.S. decreased by more than expected in the month of August.
The Commerce Department said construction spending fell by 0.7 percent to an annual rate of $1.781 trillion in August after sliding by 0.6 percent to a revised rate of $1.794 trillion in July.
Economists had expected construction spending to dip by 0.3 percent compared to the 0.4 percent drop originally reported for the previous month.
The bigger than expected decrease in total construction spending came as spending on private construction decline by 0.6 percent to an annual rate of $1.426 trillion.
Spending on residential construction slid by 0.9 percent to an annual rate of $912.9 billion, while spending on non-residential construction edged down by 0.1 percent to an annual rate of $513.1 billion.
Spending on public construction also fell by 0.8 percent to an annual rate of $355.3 billion, reflecting decreases in spending on both educational and highway construction.
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