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.