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Mon Dec 2, 2019, 06:18 PM

US Construction Spending Unexpectedly Falls In October


WASHINGTON, Dec 2 (Reuters) - U.S. construction spending unexpectedly fell in October as investment in private projects tumbled to its lowest level in three years, offering a cautionary note on the economy despite a recent string of upbeat reports.

The Commerce Department said on Monday construction spending dropped 0.8%. Data for September was revised to show construction outlays declining 0.3% instead of rising 0.5% as previously reported.

Economists polled by Reuters had forecast construction spending gaining 0.4% in October. Construction spending increased 1.1% on a year-on-year basis in October.

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https://www.foxbusiness.com/markets/us-construction-spending-falls-october

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