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US construction spending rose 0.1 pct in April
WASHINGTON - US construction spending eked out a small unexpected 0.1 percent gain in April on solid public and commercial building while residential activity remained weak, a government report showed on Thursday.
Economists had expected no change in April, according to the median forecast of analysts polled by Reuters.
Spending in March was revised up to a 0.6 percent gain from a previous 0.2 percent advance, according to the US Commerce Department.
Construction spending in April was down 2 percent from the same time a year ago.
Other year-on-year comparisons were revealing. Residential building was down 14.1 percent from a year ago, while nonresidential activity was up 12.7 percent.
Private nonresidential spending, which captures most industrial activity, was up 1.5 percent in April, after larger gains the two prior months.
The public sector also helped offset residential weakness. Federal construction spending was up 0.7 percent as was spending by state and local governments.
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