US construction spending fell slightly in July, after recording its steepest drop in nearly a year in June, the US commerce department said today.
Spending on building proceeded at a seasonally adjusted annual rate of $859.4 billion in July, down 0.1 per cent from its June pace of $860 billion, the department said.
In June the rate of construction spending fell by a revised 1.0 per cent, the biggest decline since July 2000, when the pace fell 1.3 per cent. The commerce department had originally reported construction spending was off 0.7 per cent in June.
July's construction spending fell short of the expectations of analysts, who forecast a 0.1 per cent increase