WASHINGTON — Construction spending was down 0.1% to a seasonally adjusted estimated annual rate of $827 billion in January, the Commerce Department reported Thursday.
The January rate was 7.1% above January 2011’s $772.0 billion. Economists predicted a 1.0% increase in the rate from December to January.— Kyle Glazier
ISM Index Drops to 52.4 From 54.1 in January
The Institute for Supply Management index fell to 52.4 in February from 54.1 in January, the group said Thursday.
Economists had predicted a climb to 54.6. A reading below 50 signals slowing, while levels over 50 suggest expansion.