The Commerce
Department announced on Monday that the U.S. construction spending edged down
0.1 per cent m-o-m in May, following an upwardly revised 0.3 per cent m-o-m gain
(from -0.1 per cent m-o-m) in April.
Economists had forecast construction spending to advance by
0.1 per cent m-o-m in May.
According to
the report, spending on private construction dropped 0.3 per cent m-o-m in May, undermined by a 0.3 per cent m-o-m
advance in non-residential spending and a 0.2 per cent m-o-m fall in residential
spending.
Meanwhile, the public
construction outlays jumped 0.5 per cent m-o-m, paced by a 2.6 per cent m-o-m surge in residential
construction spending
and a 0.4 per cent m-o-m advance in non-residential construction spending.
On a y-o-y
basis, construction spending soared 6.4 per cent in May.