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Financial News: U.S. Construction Spending Unexpectedly Dips 0.2% In Decem

U.S. Construction Spending Unexpectedly Dips 0.2% In December

02/03/2020 - 10:41:00 (RTTNews)

(RTTNews) - After reporting a bigger than expected increase in U.S. construction spending in the previous month, the Commerce Department released a report on Monday showing construction spending unexpectedly edged lower in the month of December.

The Commerce Department said construction spending dipped by 0.2 percent to an annual rate of $1.328 trillion in December after climbing by 0.7 percent to a revised rate of $1.330 trillion in November.

The modest pullback came as a surprise to economists, who had expected construction spending to increase by 0.5 percent.

With the unexpected decrease, construction spending pulled back off the more than one-year high reached in the previous month.

Spending on private construction edged down by 0.1 percent to a rate of $991.2 billion, as a 1.4 percent jump in spending on residential construction was more than offset by 1.8 percent slump in spending on non-residential construction.

The report said spending on public construction also fell by 0.4 percent to a rate of $336.4 billion, with the decrease partly reflecting a 2.1 percent nosedive in spending on educational construction.

Meanwhile, the Commerce Department said the value of construction in 2019 was $1.304 trillion, 0.3 percent below the $1.307 trillion spent in 2018.

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