The Commerce Department reported on Monday the U.S. construction spending fell 0.6 percent m-o-m to a seasonally adjusted annual rate of $1.30 trillion in December of 2018, following an unrevised 0.8 percent m-o-m increase in November.

Economists had forecast a 0.2 percent m-o-m gain. 

According to the report, spending on private construction decreased 0.6 percent m-o-m, while investment in public construction dropped 0.6 percent m-o-m. 

In y-o-y terms, construction spending rose 1.6 percent in December. 

The U.S. construction spending grew 4.1 percent in 2018, the weakest reading since 2011.