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03.06.2024

U.S. construction spending unexpectedly edges down in April

The Commerce Department reported on Monday that the U.S. construction spending slipped 0.1 per cent m-o-m in April, following an unrevised 0.2 per cent m-o-m drop in May.

Economists had anticipated construction spending to rise by 0.2 per cent m-o-m in April.

According to the report, spending on private construction edged down 0.1 per cent m-o-m in April, as a 0.1 per cent m-o-m increase in residential spending was more than offset by a 0.3 per cent m-o-m decline in non-residential spending.

Meanwhile, the public construction outlays dropped 0.2 per cent m-o-m, undermined by a 0.3 per cent m-o-m fall in residential construction spending and a 0.2 per cent m-o-m drop in non-residential construction spending.

On a y-o-y basis, construction spending surged 10.0 per cent in April. 

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