Last month spending rose 0.9% - revised lower from 1.8%
The US construction spending for May comes in lower than expectations at 0.4% vs 0.5% expected.
- The prior month (April) was revised pretty sharply lower from a strong 1.8% gain. That gain was halved to 0.9% - still strong but well off the previous report.
- private construction rose 0.3%
- Public construction rose 0.7%
The revision in the April data could lead to a further reduction in 2Q GDP estimates. On Friday, the GDP growth numbers were slashed after lower consumer spending in May.
In March the Construction spending fell -0.9%.
