US construction spending fell 1.1 per cent in June, the first monthly dip since January, the Commerce Department reported yesterday. Wall Street economists had foreseen June construction spending to rise 0.8 per cent. Year-on-year, construction spending in June gained 4.1 per cent.

May construction spending was revised to a rise of 0.3 per cent, compared with the initial estimate last month of a 1.8 per cent fall. The total value of all new construction in June was $591.5 billion at a seasonally adjusted annual rate, compared with $597.9 billion in May.

The decrease in June reflected a decline in private construction, which fell 1.6 percent, the Commerce Department said. Spending on public construction rose 0.7 per cent during the month.