U.S. construction spending dips less than expected

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Thursday, 01 July 2010 21:13

-US MAY CONSTRUCTION SPENDING -0.2 PCT (CONSENSUS -0.8 PCT) TO $841.9 BLN VS APRIL +2.3 PCT (PREV +2.7 PCT)
-TABLE-U.S. May construction spending fell 0.2 pct

U.S. construction spending slid less than expected in May as declines in private-sector building overshadowed gains in public-funded construction, a government report showed on Thursday.
Construction outlays fell 0.2 percent in the month to an annual rate of $841.9 billion, the Commerce Department said. Analysts polled by Reuters were expecting a 0.8 percent drop.
Private residential construction fell 0.4 percent after two months of gains, underscoring the setback to housing markets from the expiration of a popular tax credit. REUTERS.(AR)