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August 2, 2019

Construction Spending Drops 1.3 Percent in June; Public Sector Spending Slows Dramatically

U.S. construction spending fell by 1.3 percent in June, the largest monthly decline since last November.

The drop was widespread, with housing construction falling 0.5 percent, non-residential construction dropping 0.3 percent, and government spending off 3.7 percent, which is the biggest decline in that sector since 2002. State and local government spending fell 4.1 percent, while federal construction spending rose 2.6 percent.

The U.S. economy grew at an annual rate of 2.1 percent in the second quarter of the year, down from the 3.1 percent pace in the first quarter. According to an Associated Press report, analysts expect economic growth in the second half of the year to stay at an annual rate of about 2.0 percent. The recent interest rate decrease is expected to give a boost to the residential sector.

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