Construction spending fell unexpectedly 0.7 percent in May from a record level. as both residential and nonresidential building slowed, the
government reported today.
Spending to build homes, offices, schools and other
residential and nonresidential buildings slipped to an annual rate of $852 billion in the month before last, the Commerce Department said.
April's pace was revised downward to $858.2 billion, still an all-time high.