02.03.200910:08:00UTC+00Construction Spending Fell 3.3% In January

Construction spending fell by more than expected in the month of January, according to a report released by the Commerce Department on Monday, with the decrease reflecting reductions in spending on both private and public construction.

The report showed that construction spending fell 3.3 percent to an annual rate of $986.2 billion in January from a revised December estimate of $1,020.0 billion. Economists had been expecting a more modest decrease of about 1.5 percent.

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