US construction spending posts monthly decline, dropping -0.3% MoM (vs -0.2% MoM expected) in May, after a -0.4% MoM drop in April. The annual decline is now -3.5% YoY.

• Residential spending fell -0.5% MoM and -6.5% YoY, and nonresidential spending fell -0.2% MoM and -1.1% YoY.
• Private construction spending dropped -0.5% MoM and -5.4% YoY with private residential spending down -0.5% MoM and private nonresidential spending down -0.4% MoM.
• Public construction spending held up better, up 0.1% MoM and 3.3% YoY with nonresidential flat MoM and residential up 1.4% MoM.
• Office and commercial construction spending dropped -0.2% MoM and -0.8% MoM, respectively with the latter down -10.3% YoY.