Construction Spending Falls 1.3% in July

Reuters

U.S. construction spending fell unexpectedly in July as public construction outlays dropped to their lowest level since December 2006 and private spending also sagged, a government report showed on Thursday.

Construction spending fell 1.3% to an annual rate of $789.5 billion, the largest drop since January, the Commerce Department said. However, June's construction spending was revised to a 1.6% increase rather than the previously reported 0.2%.

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Economists had expected construction spending to rise 0.2% in July.

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