Financial News: U.S. Construction Spending Unexpectedly Edges Down 0.1% In

U.S. Construction Spending Unexpectedly Edges Down 0.1% In May

07/01/2024 - 11:05:00 (RTTNews)

(RTTNews) - A report released by the Commerce Department on Monday unexpectedly showed a slight decrease in U.S. construction spending in the month of May.

The Commerce Department said construction spending edged down by 0.1 percent to an annual rate of $2.140 trillion in May after rising by 0.3 percent to a revised rate of $2.142 billion in April.

Economists had expected construction spending to inch up by 0.1 percent compared to the 0.1 percent dip originally reported for the previous month.

The unexpected decrease in construction spending came as spending on private construction fell by 0.3 percent to an annual rate of $1.652 trillion.

Spending on residential construction slipped by 0.2 percent to an annual rate of $918.2 billion, while spending on non-residential construction declined by 0.3 percent to an annual rate of $733.9 billion.

Meanwhile, the report said spending on public construction climbed by 0.5 percent to an annual rate of $487.6 billion, as an increase in spending on educational construction more than offset a drop in spending on highway construction.

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