US Construction Spending Falls 0.8% in May

By Martin Crutsinger, The Associated Press

Spending on U.S. construction projects fell in May, the first drop in six months, as home building fell for a fifth straight month.

The Commerce Department reported Monday that spending fell 0.8% in May, the first decline since a 1.3% drop in November, to a seasonally adjusted annual rate of $1.29 trillion. Spending In April was revised up from a flat reading to a small gain of 0.4%."

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