US construction spending rises less than expected

US construction spending rose less than expected in December, data from the Commerce Department showed.

Spending nudged up 0.1% to$1.12trn compared with a downwardly-revised 0.6% decline the previous month, missing expectations for a 0.6% increase.

Spending on private construction was down 0.6% to a seasonally-adjusted annual rate of $824bn from $828.8bn in November.

Residential construction was at a seasonally adjusted annual rate of $429.6bn in December, up 0.9 percent from November’s $425.8bn.

For 2015 as a whole, construction rose 10.5% to $1.1trn, marking the highest level since 2007.