The Commerce Department announced on Thursday that construction spending fell 0.3 percent m-o-m in May after a revised 0.1 percent m-o-m advance in April (originally a 0.2 percent m-o-m increase). This was the first monthly decrease in construction spending in three months.

Economists had forecast construction spending growing 0.4 percent m-o-m in May.

According to the report, spending on private construction declined 0.3 percent m-o-m, while investment in public construction dropped 0.2 percent m-o-m.