US construction spending beats forecast in September

Construction spending in the US grew at a faster-than-expected pace in September, data released on Monday showed.

According to the Commerce Department, construction spending grew 0.6% month-on-month in September, compared with analysts' expectations of a 0.5% gain but slightly below the 0.7% increase recorded in the previous month.

Residential construction climbed 1.8%, while non-residential construction declined 0.1%.