US construction spending fell -0.5% MoM in March, well below expectations of an 0.2% MoM increase.

• Residential spending fell -0.4% MoM, and nonresidential spending fell -0.5% MoM.
• Office and commercial spending both saw sharp declines, down -1.2% MoM and -1.0% MoM respectively with the latter down -4.1% YoY.
• Manufacturing spending was also weak, down -0.2% MoM.
• Private spending is down -0.6% MoM, and public spending is down -0.2% MoM.