U.S. Construction Spending Unexpectedly Edges Lower In June

(RTTNews) - Construction spending in the U.S. unexpectedly edged modestly lower in the month of June, according to a report released by the Commerce Department on Monday.

The report said construction spending slipped by 0.1 percent to an annual rate of $2.167 trillion in June after coming in unchanged at a revised rate of $2.169 trillion in May.

The dip surprised economists, who had expected construction spending to rise by 0.3 percent compared to the 0.1 percent uptick originally reported for the previous month.

The unexpected decrease in construction spending came as spending on private construction edged down by 0.1 percent to an annual rate of $1.623 trillion.

Spending on residential construction fell by 0.3 percent to an annual rate of $877.1 billion, while spending on non-residential construction crept up by 0.1 percent to an annual rate of $745.3 billion.

Meanwhile, the Commerce Department said spending on public construction came in virtually unchanged at an annual rate of $544.1 billion.

While spending on educational construction was virtually unchanged at an annual rate of $113.1 billion, spending on highway construction slipped by 0.1 percent to an annual rate of $150.9 billion.