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US construction spending posts biggest drop in a year

from Reuters

U.S. construction spending recorded its biggest drop in a year in April as investment in both private and public projects fell, but a sharp upward revision to the prior month's data pointed to underlying strength. The Commerce Department said recently that construction spending tumbled 1.4 percent. Spending in March was revised to show it jumping 1.1 percent to a record $1.24 trillion. more

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