Marc Chandler submits:

Construction spending fell 0.9% in May, completely offsetting the revised 0.6% gain in April (which was initially 0.8%). This is slightly weaker than the consensus forecasts.

Overall, construction spending has fallen 11.6% from year ago levels. Residential construction was poor, off 3.5% after a flat reading in April. Yet we know that housing starts rose from 454k in April to 532k in May. Non-residential construction rose a meager 0.1% after a 0.8% gain in April. Private spending fell 1% in May and public spending fell 0.6%.

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