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01.07.2024

U.S. construction spending unexpectedly slips in May

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. 

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