U.S. construction spending rose in November

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Outlays for construction projects rose 0.2% in November to $1.81 trillion, the Commerce Department reported Tuesday. 

Wall Street was expecting a drop of 0.4%.

Spending in October fell a revised 0.2% to $1.8 trillion, up from the prior estimate of a 0.3% drop.

Over the past year, construction spending was still up 8.5%.

Total private construction rose 0.3% in November. Private residential construction fell 0.5%, with single-family construction dropping by 2.9%. Private nonresidential spending rose by 1.7%.

Total public construction fell by 0.1%. Residential public construction fell by 0.1%, while nonresidential public construction also fell by 0.1% last month.

Stocks DJIA, -0.03%   SPX, -0.40% were down in early trading on Tuesday. The 10-year Treasury note TMUBMUSD10Y, 3.718% was below 3.75%.

This article was originally published by Marketwatch.com. Read the original article here.

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