U. S. Construction Spending Falls in April
According to a report from the U.S. Department of Commerce, construction spending in the United States declined 0.4% month-over-month in April.
The result surprised economists, who had projected a decline of 0.6% following March's 1.1% decline.
Residential construction fell by 2.1%, a smaller decline than March's 3.0% decrease, while non-residential construction gained 0.7% after rising 1.1% in the previous month.
The report also noted a 0.5% pull back in private construction and a 0.3% drop in public building. In March, both came in at -1.1% and +1.0% respectively.
By Steve Stecyk and edited by Cristina Markham