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U.S. Construction Spending Unexpectedly Falls 0.4% In April
(RTTNews) - A report released by the Commerce Department on Monday unexpectedly showed a continued decrease by U.S. construction spending in the month of April.
The Commerce Department said construction spending fell by 0.4 percent to an annual rate of $2.152 trillion in April after shrinking by 0.8 percent to a revised rate of $2.162 trillion in March.
Economists had expected construction spending to rise by 0.3 percent compared to the 0.5 percent decline originally reported for the previous month.
The unexpected decrease by construction spending came as spending on private construction slid by 0.7 percent to an annual rate of $1.639 trillion.
Spending on residential construction slumped by 0.9 percent to a rate of $892.8 billion, while spending on non-residential construction fell by 0.5 percent to $746.0 billion.
Meanwhile, the report said spending on public construction increased by 0.4 percent to an annual rate of $513.5 billion.
While spending on educational construction edged down by 0.1 percent to a rate of $110.9 billion, spending on highway construction rose by 0.5 percent to a rate of $146.3 billion.
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