US construction spending down 0.6% in June

U.S. construction spending declined in June after rising in May to the highest level in more than three years, the Department of Commerce reported Thursday. Total construction spending was estimated at a seasonally adjusted annual rate of 883.9 billion dollars in June, 0.6 percent below the revised May estimate of 889.4 billion dollars. Spending on private construction was at a seasonally adjusted annual rate of 622.8 billion dollars, 0.4 percent below the revised May estimate of 625.4 billion dollars, the report showed. In June, the estimated seasonally adjusted annual rate of public construction spending was 261.1 billion dollars, 1.1 percent below the revised May estimate of 264.0 billion dollars. Recent data indicates the U.S. housing sector has shown further signs of strength, providing important support for the overall economic recovery, although monthly data can be volatile.