– Construction spending in the U.S. fell dramatically in May, with total annualized spending rates falling to the lowest level since September 1999, according to figures released Friday by the Commerce Department.

Total construction spending for May came in at a seasonally adjusted annual rate of $753.5 billion, a 0.6 percent decline from the revised April figure of $757.9 billion. Most economists had predicted a somewhat smaller contraction of 0.3 percent.

Public construction spending fell faster than private construction spending, with public construction spending down 0.8 percent while private spending fell 0.4 percent.

Similar Posts:

• U.S. New Home Sales Fall Less Than Expected In May
• Japan Posts Y590.7 Billion Current Account Surplus
• U.S. New Home Sales Show Unexpected Drop In June
• U.S. Weekly Jobless Claims Drop To Nearly Three-Month Low
• German Industrial Production Decline Quickens In December