A report released by the Commerce Department on Wednesday showed an unexpected pullback in U.S. construction spending in the month of March.
The report said construction spending slumped by 0.9 percent to an annual rate of $1.282 trillion in March after climbing by 0.7 percent to a revised rate of $1.293 trillion in February. Economists had expected spending to inch up by 0.1 percent.
The unexpected decrease in construction spending was partly due to a steep drop in spending on private residential construction, which plunged by 1.8 percent to a rate of $500.9 billion.
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Forex News
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.