Construction spending rises in US

Construction spending in the U.S. rose very slightly in May because the outlay for private residential construction projects I recorded its biggest decline in seven months, a sign that the severe weather continues to affect the economy.

Construction spending rose 0.1% to an annual rate of 945.700 billion, said Tuesday the Commerce Department.

The construction spending data for January was revised to show a decline of 0.2% instead of the previously reported increase of 0.1%.

Economists polled by Reuters had forecast that expenditure on construction remain flat in May.

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