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Construction spending, led by public works, falls in January

Construction spending tumbled 1% in January, lead by declines in transportation, roads and educational buildings. The consensus forecast among economists surveyed by MarketWatch was for a 0.6% increase. December data, originally reported as a 0.2% decline, was revised up to a 0.1% gain, and November’s 0.9% increase was revised up to a solid 1.5% gain. Spending in January was at a seasonally adjusted annual rate of $1.18 trillion, 3.1% higher than a year ago

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