US construction spending falls 0.2% in March

US construction spending fell by 0.2% month-on-month in March, according to the Census Bureau, following a revised flat reading in February and missing market expectations for a 0.3% increase.

Private spending shrank by 0.5%, led by a 0.7% decrease in the residential segment, while public construction outlays saw a 0.8% increase compared to the previous month.

On an annualised basis, construction spending advanced by 9.6% in March.

Reporting by Iain Gilbert at Sharecast.com