The
Commerce Department announced on Monday that construction spending fell 0.5
percent m-o-m in September after a revised 0.1 percent m-o-m advance in August
(originally unchanged m-o-m). This was the first monthly decrease in
construction spending since February.
Economists
had forecast construction spending to grow 0.4 percent m-o-m in September.
According
to the report, spending on private construction decreased 0.5 percent m-o-m,
while investment in public construction declined 0.7 percent m-o-m.
On
a y-o-y basis, construction spending climbed 7.8 percent in September.