US construction spending beats forecast in October

US construction spending jumped in October, figures released on Tuesday showed.

According to the Commerce Department, spending rose 2.2% month-on-month compared with a 0.6% gain last month and analysts’ expectations for an unchanged reading.

On a year-on-year basis, construction spending soared 13%.

Among individual sectors, residential construction rose 1% over the month and non-residential spending advanced 0.6%.