Construction spending falls less than expected

Construction spending falls less than expected

U.S. construction spending fell less than expected in April even as other sectors of the economy buckle under the COVID-19 crisis.

Miami-Dade County eases some of the lockdown measures put in place during the coronavirus disease o
A man works at a construction site, as Miami-Dade County eases some of the lockdown measures put in place during the coronavirus disease (COVID-19) outbreak, in Miami, Florida, U.S., May 18, 2020. REUTERS/Marco Bello

WASHINGTON: U.S. construction spending fell less than expected in April even as other sectors of the economy buckle under the COVID-19 crisis.

The Commerce Department said on Monday that construction spending dropped 2.9per cent in April. Still, the decline was the largest since January 2009. Data for March was revised down to show construction outlays unchanged instead of increasing 0.9per cent as previously reported.

Economists polled by Reuters had forecast construction spending declining 6.5per cent in April.

(Reporting by Lucia Mutikani; Editing by Chizu Nomiyama)

Source: Reuters

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