U.S. construction spending unexpectedly falls in February
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FILE PHOTO: A worker walks through a construction site in San Francisco, California September 1, 2011. REUTERS/Robert Galbraith
WASHINGTON (Reuters) - U.S. construction spending unexpectedly fell in February and could decline further as the coronavirus pandemic wreaks havoc on the economy.
The Commerce Department said on Wednesday that construction spending decreased 1.3%. Data for January was revised higher to show construction outlays surging 2.8% instead of jumping 1.8% as previously reported. Economists polled by Reuters had forecast construction spending rising 0.5% in February.
(Reporting by Lucia Mutikani; Editing by Chizu Nomiyama)
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