Construction spending fell in November in the U.S. for the first time in a year and half, the Commerce Department reported yesterday. Down 0.4 percent, the construction spending data suggests that the economy decelerated at the end of the 2015. The November data follows a 0.3 percent increase in October.
The Commerce Department report revised construction data from January 2005 through October 2015 due to a processing error. The downwardly revised figures revealed that construction spending was not as strong as initially reported throughout 2015. This has caused some economists to lower their growth predictions for 2016.
Read the full story on Reuters.
Check out the latest construction data from the Bureau of Labor Statistics at ARCHITECT.
And find even more great stories in our daily News Roundup. It’s updated in real-time so check back often.