US construction spending drops in December

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Construction Site / Public Domain

The US Commerce Department said that U.S. construction spending unexpectedly fell in December. Both private and public projects saw a drop in investment during the month, Reuters reports.

According to the department, construction spending declined 0.6%, following a 0.8% increase in November.

Economists polled by Reuters were expecting a 0.2% increase in construction spending in December.

However, construction spending rose 1.6% on a year-on-year basis in December. It rose 4.1% in 2018, the weakest reading since 2011.

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