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NEW YORK: Construction spending fell in July by one percent compared to the previous month, official data said on Wednesday, adding to concerns that the US economy was slowing down.
Construction spending during July was estimated at a seasonally-adjusted annual rate of 805.2 billion dollars, one percent below the June estimate, the Department of Commerce said, beating analysts' forecast for a 0.7 percent drop.
The July figure was 10.7 percent down from the previous year, it said.
The new disappointing figures come days after the government said new US homes sales in July fell to their lowest level in about half a century.
The housing market is considered one of the main engines for the recovery of the US economy which has slowed down in recent months, fuelling concerns the world's largest economy could slip back into recession.
- AFP/de
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