Construction Spending in U.S. Unexpectedly Decreased in July

Construction spending in the U.S. unexpectedly fell in July by the most in six months as government outlays dropped to the lowest level in more than four years and home-improvement projects slumped.

The 1.3 percent decrease was the biggest since January and followed a revised 1.6 percent gain in June that was eight times larger than previously reported, Commerce Department figures showed today in Washington. The median projection in a Bloomberg News survey of economists called for a 0.2 percent increase.

Even lower interest rates may not be enough to help sustain a rebound in commercial projects and business investment, one of the few bright spots in the world’s largest economy. Declines in government spending and a stalled housing market also will weigh on the industry.

Read Full Article from Bloomberg

- Posted: 2011-09-01 11:00:46

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