The Commerce Department announced on Monday that construction spending declined 0.7 percent m-o-m in June after a revised 1.7 percent m-o-m drop in May (originally a 2.1 percent m-o-m fall). This marked the fourth consecutive month of decrease in construction spending.

Economists had forecast construction spending increasing 1.0 percent m-o-m in June.

According to the report, spending on both private and public construction fell 0.7 percent m-o-m.