U.S. Construction Spending Unexpectedly Dips 0.3% In June
(RTTNews) - Construction spending in the U.S. unexpectedly decreased in the month of June, according to a report released by the Commerce Department on Thursday.
The Commerce Department said construction spending slipped by 0.3 percent to an annual rate of $2.148 trillion in June after falling by 0.4 percent to a revised rate of $2.155 trillion in May.
The continued decline surprised economists, who had expected construction spending to rise by 0.2 percent compared to the 0.1 percent dip originally reported for the previous month.
The unexpected decrease by construction came as spending on private construction fell by 0.3 percent to an annual rate of $1.665 trillion.
Spending on residential construction slid by 0.3 percent to an annual rate of $928.0 billion, while spending on non-residential construction edged down by 0.1 percent to an annual rate of $736.6 billion.
The Commerce Department said spending on public construction also fell by 0.4 percent to an annual rate of $483.9 billion.
Spending on educational construction slumped by 0.9 percent to an annual rate of $101.9 billion, while spending on highway construction fell by 0.3 percent to an annual rate of $143.5 billion.
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