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- U.S. construction spending unexpectedly decreases in December
U.S. construction spending unexpectedly decreases in December
The Commerce Department announced on Monday that construction spending fell 0.2 percent m-o-m in December after a revised 0.7 percent m-o-m gain in November (originally a 0.6 percent m-o-m advance). That was the first monthly drop in construction spending since June.
Economists had forecast construction spending increasing 0.5 percent m-o-m in December.
According to the report, spending on private construction edged down 0.1 percent m-o-m, while investment in public construction dropped 0.4 percent m-o-m.
For the full 2019, construction spending declined 0.3 percent, recording the first decrease since 2011.
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