U.S. construction spending unexpectedly fell in December as investment in both private and public projects dropped, further evidence the economy ...
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.
Construction spending declined 0.6 percent after an unrevised 0.8 percent increase in November. Economists polled by Reuters had forecast construction spending rising 0.2 percent in December. Construction spending increased 1.6 percent on a year-on-year basis. 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.
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