U.S. Construction Spending Unexpectedly Falls in November

U.S. construction spending unexpectedly fell in November, held back by a drop in government outlays and by less money spent by businesses on projects other than homes. The Commerce Department said on Friday the decline was the first since June, falling 0.3 percent to an annual rate of $975 billion. October's construction outlays were revised up to show a 1.2 percent gain instead of the previously reported 1.1 percent increase. Economists polled by Reuters had forecast construction spending rising 0.3 percent in November. http://yhoo.it/1EUP39V http://bit.ly/1fJ5yqZ