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July 2, 2009

Construction spending falls more than expected

WASHINGTON (AP) — Construction spending fell more than expected in May, a sign the problems facing the nation's builders are far from over.

The Commerce Department said Wednesday that construction spending dropped 0.9 percent in May, nearly double the 0.5 percent decline that economists expected. Adding to the signs of weakness, activity in the past two months was revised lower.


 
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