U.S. construction spending slides

WASHINGTON — U.S. construction spending fell unexpectedly by 1.4% in April to $1.22 trillion, the largest decline in a year, according to data reported by the U.S. Commerce Department. The rate however reflects a 6.7% increase in spending from April of last year. The drop was driven largely by a dramatic 3.7% plunge in public construction spending, while private construction in May saw a 0.7% decrease, also the largest in a year, falling to $943.3 billion.