On Wednesday, the U.S. Commerce Department shared a report revealing an unexpected slight decline in construction spending in March, attributed to a reduction in private construction expenditure.
According to the report, construction spending fell by 0.2%, reaching an annual rate of $2.084 trillion in March. This contrasts with economists' forecasts, who had expected a 0.3% rise in construction spending.
In addition, revised figures showed no change in construction spending in February, refuting the initially reported 0.3% decline.
The Commerce Department noted a 0.5% fall in private construction spending, hitting an annual rate of $1.601 trillion.
