US construction spending tumbles 1.9% in September
US construction spending fell 1.9 percent in September, reversing previous gains as high materials costs and rising mortgage rates depressed residential renovation projects.
Insights:
United States construction spending fell 1.9% in September following an upwardly revised 2.0% increase in August. The decline reversed previous gains as high materials costs weighed on outlays. Economists polled by Reuters had forecast a 0.3% increase for the month.
