US construction spending fell -0.4% MoM and -0.5% YoY in April, well below expectations of an 0.3% MoM increase.

• Residential spending fell -0.9% MoM, and nonresidential spending fell -0.1% MoM.
• Commercial spending was down -0.8% MoM and -3.6% YoY, and power spending was down -0.7% MoM but up 4.1% YoY.
• Manufacturing spending continued to be weak, down -0.6% MoM and up just 0.3% YoY.
• Private spending was down -0.7% MoM and -2.2% YoY, and public spending increased 0.4% MoM and 5.5% YoY.