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Construction spending falls less than expected

Kitco News

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

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