The Commerce Department said on Thursday that construction spending fell 1.3 percent m-o-m in June after a revised 0.5 percent m-o-m drop in May (originally a 0.8 percent m-o-m decline). It was the largest drop since November 2018.

Economists had forecast construction spending increasing 0.5 percent m-o-m in June.

On a y-o-y basis, construction spending dropped 1.2 percent in June.

According to the report, investment in public construction tumbled 3.7 percent m-o-m (the largest monthly drop since March of 2002), while spending on private construction fell 0.5 percent m-o-m.