Construction spending weak in May

Outlays for construction projects fell 2.1% in May at a seasonally adjusted annual rate of $1.36 trillion, the Commerce Department reported Wednesday. Economists polled by MarketWatch had expected a 0.7% increase. Spending in April was revised to a 3.5% fall from the prior estimate of a 2.9% drop. Residential construction fell 3.9% in May, while spending on public construction projects rose 1.2%.