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Construction Spending Fell in January

Construction spending in the U.S. unexpectedly fell in January following the biggest back-to-back gain in a year, reflecting a slump in nonresidential and government projects.

Outlays dropped 2.1 percent, the biggest decrease since July 2011, to a $883.3 billion annual rate, a Commerce Department report showed today in Washington. The median forecast of 45 economists surveyed by Bloomberg called for a 0.4 percent rise. Figures for December and November were revised up to show gains of 1.1 percent and 1.9 percent respectively, the best performance since the same two months in 2011.

Source: Bloomberg. Read full article. (link)

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