Construction spending falls less than expected
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A man works at a construction site, as Miami-Dade County eases some of the lockdown measures put in place during the coronavirus disease (COVID-19) outbreak, in Miami, Florida, U.S., May 18, 2020. REUTERS/Marco Bello
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 October 2018. 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.
(The story corrects historical in paragraph two).
(Reporting by Lucia Mutikani; Editing by Chizu Nomiyama)
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