May construction spending up 0.8%

WASHINGTON (MarketWatch) -- Outlays for U.S. construction projects rose 0.8% in May to a seasonally adjusted annual rate of $1.04 trillion, the U.S. Commerce Department reported Wednesday. Economists polled by MarketWatch had expected growth of 0.5%, compared with an originally reported increase of 2.2% in April. On Wednesday the government revised April's result to 2.1%. Looking at private outlays in May, spending rose 0.3% for residential projects, and 1.5% for nonresidential projects. For overall public construction projects, spending rose 0.7%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.