Surprise construction spending rise
Private sector spending advances for second straight month, rising 0.8% - the biggest increase in 8 months.
WASHINGTON (Reuters) -- U.S. construction spending unexpectedly posted its biggest increase in eight months in April, advancing for a second straight month as the private sector put money into both residential and nonresidential projects, according to a government report on Monday.
The Commerce Department said spending on construction projects rose 0.8% in April from March, the biggest increase since August. Spending climbed a revised 0.4% in March, previously reported as a 0.3% rise.
Analysts polled by Reuters were expecting a 1.3% decline in overall construction spending in April.
Compared to April a year ago, construction spending was down 10.7%.
Private construction spending jumped 1.4% in April from March, the biggest advance since August. Private residential construction rose 0.7%, also the biggest increase since August, after declining 3.6 % in March.