U.S. Construction Spending Falls Unexpectedly in September

U.S. construction spending fell 1.9% in September to a seasonally adjusted annual rate of about $2.19 trillion, sharply missing forecasts for an increase. The decline followed an upwardly revised 2% rise in August and left spending 2.7% below its year-earlier level. Private construction dropped 2.4%, led by a 5.5% slide in residential activity, though nonresidential construction increased; public spending edged down 0.1%. A separate industry report found construction unemployment at 3.5% nationally, down from a year earlier, while economists cited rising costs, labor shortages and other pressures facing the sector.