Construction Spending Increases By 0.8% In August

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Thursday morning, the Commerce Department released its report on construction spending in the month of August, showing that spending unexpectedly increased due largely to a jump in spending on residential construction.

The report showed that construction spending increased by 0.8 percent in August compared to a revised 1.1 percent decrease in July. The increase surprised economists, who expected spending to fall 0.1 percent compared to the 0.2 percent drop originally reported for the previous month.

Thursday morning, the Commerce Department released its report on construction spending in the month of August, showing that spending unexpectedly increased due largely to a jump in spending on residential construction. (Market News Provided by RTTNews)