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Construction Spending Dips 0.6% in May

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7/1/2011 10:20:00 AM

Construction spending declined 0.6% in May, the sixth straight monthly decrease, the Commerce Department said Friday.

The increase followed another 0.6% drop in April that was previously estimated as a 0.4% gain, Commerce said.

Economists had forecast a 0.1% increase in May, Bloomberg reported.

Private construction spending dropped 0.4%, while homebuilding spending fell 2.1%.

Public construction spending slid 0.8% as state and local government projects declined 1.2%. Federal construction spending, however, increased 2.1%.

Construction spending can boost demand for trucking services because spending increases the number of shipments of goods and building materials.

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