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Financial News: U.S. Construction Spending Unexpectedly Pulls Back In May

U.S. Construction Spending Unexpectedly Pulls Back In May

07/01/2019 - 10:38:00 (RTTNews)

(RTTNews) - With revised data showing an increase in U.S. construction spending in the previous month, the Commerce Department released a report on Monday showing construction spending pulled back in the month of May.

The report said construction spending slid by 0.8 percent to an annual rate of $1.294 trillion in May after climbing by a revised 0.4 percent to a rate of $1.304 trillion in April.

Economists had expected construction spending to remain roughly flat after the data originally reported for the previous month showed spending was virtually unchanged.

Spending on private construction dropped by 0.7 percent to a rate of $953.2 billion, as spending on residential construction fell by 0.6 percent to a rate of $498.9 billion and spending on non-residential construction slumped by 0.9 percent to a rate of $454.3 billion.

The Commerce Department said spending on public construction also declined by 0.9 percent to a rate of $340.6 billion, with spending on highway construction plunging by 3.2 percent to a rate of $111.6 billion.

Compared to the same month a year ago, construction spending in May was down by 2.3 percent, with a 6.3 percent nosedive in spending on private construction more than offsetting a 10.8 percent jump in spending on public construction.

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