US construction spending rises 0.4% in November

Construction spending rose 0.4% month-on-month in November to seasonally adjusted annual rate of $2.05bn, according to the Census Bureau, following an upwardly revised 1.2% rise in October and falling short of consensus estimates for a reading of 0.6% growth.

Private spending advanced by 0.7% in the period, driven by a 1.1% increase in the residential segment, while public spending was 0.7% lower.

On a yearly basis, construction spending grew 11.3% in November.