WASHINGTON (Reuters) – U.S. construction spending dropped unexpectedly in May, providing further evidence that the Federal Reserve’s monetary policy tightening is hurting the economy.
The Commerce Department on Friday reported a 0.1% drop in construction spending after a 0.8% increase in April (revised up from +0.2% initially reported).
Economists polled by Reuters projected an increase of 0.4%.
Over one year, construction expenditure rose by 9.7%.
Private construction spending was unchanged in May after rising 1.1% in April and investment in residential construction rose 0.2%.
(Report Lucia Mutikani, French version Laetitia Volga, edited by Sophie Louet)
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