The Commerce Department announced on Monday that construction spending fell 2.9 percent m-o-m in April after a revised flat m-o-m reading in March (originally a 0.9 percent m-o-m gain). That was the largest decline in construction spending since October 2018.

Economists had forecast construction spending decreasing 6.0 percent m-o-m in April.

According to the report, spending on private construction declined 3.0 percent m-o-m, while investment in public construction dropped 2.5 percent m-o-m. 

On a y-o-y basis, construction spending rose3.0 percent in April.