US construction spending unexpectedly declines in June

US construction spending unexpectedly declined in June, according to data released on Monday by the Commerce Department.

Spending fell 0.6% from May to a seasonally-adjusted annual rate of $1.13bn, missing economists’ expectations for a 0.5% increase. On the year, the figures were up 0.3%.

Private sector construction spending dropped 0.6% from the previous month to a seasonally-adjusted annual rate of $851bn, while spending on residential construction was little changed at $445.8bn.

Non-residential construction spending was down 1.3% from May to $405.2bn.