US Construction Spending Falls In May

Figure shows monthly contraction of 0.1%, against market estimate of 0.4% gain.

The US construction spending fell in May, recording its first decline in eight months, according to official data released on Friday.
Construction spending, one of the major indicators of well-being in the construction sector, showed a monthly contraction of 0.1% to $1,779.8 billion in May, the Commerce Department figures showed.
This marked the first monthly decline in construction spending since September 2021.
The market had expected a monthly gain of 0.4%.
The figure for April was revised to $1,782.5 billion – a 0.8% increase from the month before.
On an annual basis, the May figure is 9.7% higher than the same month a year ago, when it stood at $1,621.9 billion. -