U.S. construction spending falls 0.5% in July
The U.S. Commerce Department reported construction spending unexpectedly decreased in July, falling 0.5%. The decline partly reflected a steep drop in residential construction.
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03:06:26 PM UTC
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U.S. construction spending unexpectedly fell in July, hitting the lowest level in nearly three years as higher mortgage rates weighed on single-family homebuilding.The Commerce Department's Census Bureau said on Tuesday that construction spending dropped 0.5% to $2.158 trillion, the lowest level si…
WASHINGTON (dpa-AFX) - Partly reflecting a steep drop in spending on residential construction, the Commerce Department released a report on Tuesday showing construction spending in the U.S. unexpectedly decreased in the month of July.The report said construction spending fell by 0.5 percent to an a…