US construction spending falls 0.4% in July

By Ovunc Kutlu

ANKARA (AA) - US construction spending fell 0.4% to $1,777.3 billion in July, according to data released Thursday.

Construction spending, one of the major indicators of well-being in the construction sector, was in line with market expectations.

The figure for June was revised to $1,784.3 billion -- a 0.5% decrease from the month before, Commerce Department figures showed.

The July figure is 8.5% higher than the same month a year ago when it stood at $1,637.3 billion.

While spending on private construction fell 0.8% in July from the previous month, public construction spending rose 1.5% month-on-month, according to the agency.