U.S. construction spending fell for three consecutive months

According to the U.S. Commerce Department data released on the 1st, mainly due to expenditure on office buildings and commercial construction spending downturn, the United States in January this year, construction spending fell by 0.6% last month, fell to its lowest level since June 2003 level, which is the United States third consecutive month, construction spending fell.

That same month, the U.S. construction spending to a seasonally adjusted annual rate of 884.12 billion U.S. dollars, compared with the same period last year dropped 11.5%. However, the month, construction spending fell slightly below the ring than economists had expected 0.7%.

The U.S. housing market in the last recession had five consecutive years after the height of prosperity. Subsequently, the housing market bubble burst and the credit crunch and financial crisis, the U.S. economy into recession in late 2007. Economists believe that the recent construction spending showed the real estate market is still sluggish U.S. economic recovery is still a major drag.