U.S. construction spending unexpectedly fell in September as outlays on private nonresidential structures recorded their biggest decline in nine months, which could see a mild downward revision to the third-quarter economic growth estimate.
The Commerce Department said on Tuesday that construction spending slipped 0.4 percent after an upwardly revised 0.5 percent drop in August. Construction outlays were down 0.2 percent from a year ago.
Economists polled by Reuters had forecast construction spending rising 0.5 percent in September after a previously reported 0.7 percent drop in August. July's outlays were revised up to show them rising 0.5 percent instead of falling 0.3 percent as previously reported.