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U.S. Construction Spending Unexpectedly Edges Down 0.2% In March
(RTTNews) - Reflecting a decrease in spending on private construction, the Commerce Department released a report on Wednesday showing U.S. construction spending unexpectedly edged lower in the month of March.
The report said construction spending dipped by 0.2 percent to an annual rate of $2.084 trillion in March, while economists had expected construction spending to rise by 0.3 percent.
Meanwhile, revised data showed construction spending came in unchanged in February compared to the previously reported 0.3 percent drop.
The Commerce Department said spending on private construction spending fell by 0.5 percent to an annual rate of $1.601 trillion.
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The Commerce Department released a report on Tuesday showing business inventories in the U.S. increased in line with expectations in the month of July. The report said business inventories rose by 0.2 percent in July, matching the increase seen June as well as economist estimates.
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