U.S. construction spending rises unexpectedly in March

WASHINGTON, May 4 (Xinhua) -- U.S. construction spending rose unexpectedly in March, marking the first increase in six months, the Commerce Department reported Monday.

The 0.3 percent gain was much better than the 1.5 percent decrease expected by analysts. It followed a revised 1 percent drop in the previous month.

For March, construction spending was estimated at a seasonally adjusted annual rate of 969.7 billion U.S. dollars, 11.1 percent below year-ago levels, reflecting the country's steep recession.

Spending on private construction was at a seasonally adjusted annual rate of 661.1 billion dollars, 0.1 percent below the revised February estimate of 661.6 billion dollars.

Meanwhile, construction spending by the government increased by1.1 percent to an annual rate of 308.7 billion dollars.