U.S. Construction Spending Unexpectedly Dips 0.3% In February

(RTTNews) - Construction spending in the U.S. unexpectedly saw further downside in the month of February, according to a report released by the Commerce Department on Monday.

The report said construction spending dipped by 0.3 percent to an annual rate of $2.091 trillion in February after edging down by 0.2 percent to a revised rate of $2.097 trillion in January.

The continued decrease came as a surprise to economists, who had expected construction spending to climb by 0.6 percent during the month.

The unexpected decline largely reflected a steep drop by spending on public construction, which tumbled by 1.2 percent to an annual rate of $474.4 billion.