Construction spending in U.S. unexpectedly dropped in July
Construction spending in the U.S. unexpectedly fell in July for the first time in four months as a plunge in home-improvement outlays overshadowed gains in homebuilding.
The 0.9 percent drop was the biggest decrease in a year and followed a 0.4 percent gain in June, Commerce Department figures showed today in Washington. The median estimate of 47 economists surveyed by Bloomberg called for a 0.4 percent rise. Outlays on remodeling projects, which are volatile, slumped 5.5 percent.