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December 4, 2018

Construction spending fell slightly in October

WASHINGTON (AP) — Spending on U.S. construction projects fell 0.1 percent in October, the third consecutive monthly decline, as weakness in home building and non-residential construction offset a rebound in government projects.

The October decline matched a similar 0.1 percent drop in September and followed a 0.4 percent fall in August, the Commerce Department reported Monday. Construction has been weak since peaking in May with declines in four of the five months since that time, reflecting in large part the challenges facing home builders.

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