Outlays for U.S. construction projects
unexpectedly declined in June, the Commerce Department reported
Thursday. Construction spending fell 0.6% in June to an annualized rate
of $883.9 billion. This was well below analysts' expectations of a 0.5%
gain and the biggest drop in five months. But May construction spending
was upwardly revised to 1.3% growth from the initial read of a gain of
0.5%. Both private and public spending fell in June.
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