The Commerce
Department reported on Thursday that the U.S. construction spending fell 0.3
per cent m-o-m in June, following a downwardly revised 0.4 per cent m-o-m drop
(from -0.1 per cent m-o-m) in May.
Economists had predicted construction spending to increase
by 0.2 per cent m-o-m in June.
According to the
report, spending on private construction fell 0.3 per cent m-o-m in June, driven by a 0.3 per cent m-o-m decrease in residential spending
and a 0.1 per cent m-o-m slip in non-residential spending.
Meanwhile, the public
construction outlays dropped 0.4 per cent m-o-m, paced by a 2.0 per cent m-o-m plunge in residential
construction spending
and a 0.4 per cent m-o-m decrease in non-residential construction spending.
On a y-o-y
basis, construction spending climbed 6.2 per cent in June.