Construction spending falls less than expected
WASHINGTON (Reuters) - U.S. construction spending fell less than expected in April even as other sectors of the economy buckle under the COVID-19 crisis.
The Commerce Department said on Monday that construction spending dropped 2.9% in April. Still, the decline was the largest since January 2009. Data for March was revised down to show construction outlays unchanged instead of increasing 0.9% as previously reported.
Economists polled by Reuters had forecast construction spending declining 6.5% in April.
Reporting by Lucia Mutikani; Editing by Chizu Nomiyama