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The U.S. Commerce Department released construction spending data on Wednesday. Construction spending in the U.S. dropped 1.8% in April, missing expectations for a 0.6% gain, after a 1.5% rise in March. It was the biggest drop January 2011.
March's figure was revised up from a 0.3% increase.
The decrease was mainly driven by a rise in total public and private spending. Total public construction spending slid 2.8% in April, while total spending on private construction projects decreased 1.5%.
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