U.S. Construction Spending Unexpectedly Dips 0.2% In January
(RTTNews) - A report released by the Commerce Department on Friday unexpectedly showed a modest decrease in U.S. construction spending in the month of January.
The Commerce Department said construction spending dipped by 0.2 percent to an annual rate of $2.102 trillion in January after jumping by 1.1 percent to a revised rate of $2.106 trillion in December.
The pullback surprised economists, who had expected construction spending to rise by 0.2 percent compared to the 0.9 percent increase originally reported for the previous month.
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