U.S. construction spending weaker than expected in September

Construction spending dropped 0.4 percent to an annual rate of $950.9 billion, the Commerce Department said on Monday. Economists polled by Reuters had forecast construction spending rising 0.7 percent. Growth in spending on both residential and nonresidential construction were reported to have slowed from April-June's brisk rates. In September, private construction spending dipped 0.1 percent to its lowest level since October last year as an increase in residential outlays was offset by a decline in spending on nonresidential projects.

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