The Commerce Department announced on Monday that construction spending fell 0.8 percent m-o-m in October after a revised 0.3 percent m-o-m decline in September (originally a 0.5 percent m-o-m drop). It marked the second straight monthly decrease in construction spending and the steepest decline since June.

Economists had forecast construction spending increasing 0.4 percent m-o-m in October.

According to the report, spending on private construction dropped 1.0 percent m-o-m, while investment in public construction fell 0.2 percent m-o-m.

On a y-o-y basis, construction spending rose 1.1 percent in October.