World News

U.S. construction spending unexpectedly falls in February

WASHINGTON (Reuters) – U.S. construction spending unexpectedly fell in February and could decline further as the coronavirus pandemic wreaks havoc on the economy.

The Commerce Department said on Wednesday that construction spending decreased 1.3%. Data for January was revised higher to show construction outlays surging 2.8% instead of jumping 1.8% as previously reported. Economists polled by Reuters had forecast construction spending rising 0.5% in February.

(Reporting by Lucia Mutikani; Editing by Chizu Nomiyama)