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The Economic Times
The Economic Times
Business

US construction spending inches up in May, but homebuilding weak

United States Middle East

U.S. construction spending edged up in May as ​higher mortgage rates ​because of the Middle East conflict constrained homebuilding.

The Commerce ​Department's Census Bureau said on Wednesday that construction spending rose 0.1% after a downwardly revised 0.3% increase in April. Economists polled by Reuters ‌had forecast construction ⁠spending gaining ⁠0.1% after a previously reported 0.4% increase in April.

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