US Construction Spending Falls In May

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. -