U.S. construction spending unexpectedly falls in December
WASHINGTON - U.S. construction spending unexpectedly fell in December as investment in both private and public projects dropped, leading economists to expect that the government will trim its economic growth estimate for the fourth quarter.
The construction spending report extended the run of weak December economic data, that has included retail sales, housing starts, trade and home sales. It rose 4.1 percent in 2018, the weakest reading since 2011. The release of the December report was delayed by a five-week partial shutdown of the government that ended on Jan. 25.
It is scheduled to publish revisions to the fourth-quarter GDP data at the end of the month. The stream of soft December reports set the economy on a slower growth path in the first quarter. The housing market has been weighed down by higher mortgage rates, expensive building materials as well as land and labor shortages. Residential investment contracted 0.2 percent in 2018, the worst performance since 2010.
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