U. S. Construction Spending Drops Further in May
According to a report from the U.S. Department of Commerce, construction spending in the United States declined 0.4% month-over-month in May.
Residential construction fell by 1.6%, unchanged from April's 1.6 % decrease, while non-residential construction gained 0.3% after rising 0.8 % in the previous month.
The report also noted a 0.7% pullback in private construction and a 0.4% increase in public building. In April, both came in at 0.0% and -0.3 % respectively.
By Steve Stecyk and edited by Cristina Markham