According to a report from Reuters, construction spending fell in American for the second month in a row, following a steep 2% drop in April. April's drop was the largest since January 2011.
The US Commerce Department states that May construction spending dropped 0.8%. The drop indicates that "the growth outlook is still mixed as the effects of Britain's decision to leave the European Union become more apparent."
"Private construction spending fell by 0.3 percent after a downwardly revised 1.9 percent fall in April," Reuters reports.
Public spending dropped 2.3%, primarily in state and local projects, which account for the largest segment of public sector construction spending. Meanwhile, federal construction spending rose 7.5%.
For more economic updates, check out some recent news stories:
1 Comment
How does this match up with the news that the Architecture Billings Index reached it's highest score in nearly a year?
Lag in reporting?
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