US posts decline in construction spending
Print Edition
US construction spending fell for a third straight month in June as outlays dropped across the board, suggesting a downward revision to the second-quarter economic growth estimate published last week.
Construction spending shed 0.6 percent to its lowest level since June 2015 after an upwardly revised 0.1 percent dip in May, the Commerce Department said yesterday. Construction outlays rose 0.3 percent from a year ago.
Economists polled by Reuters had forecast construction spending rising 0.5 percent in June after a previously reported 0.8 percent drop in May. Their June estimates were largely based on the government’s assumptions for private residential and nonresidential construction spending in the advance GDP report.
The government said on Friday that gross domestic product rose at 1.2 percent annually in the second quarter after rising at a 0.8 percent pace in the first quarter.
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