US construction spending beats forecast in October
US construction spending jumped in October, figures released on Tuesday showed.
According to the Commerce Department, spending rose 2.2% month-on-month compared with a 0.6% gain last month and analysts’ expectations for an unchanged reading.
On a year-on-year basis, construction spending soared 13%.
Among individual sectors, residential construction rose 1% over the month and non-residential spending advanced 0.6%.