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US Construction Spending Falls - 2003-06-02

The U.S. Commerce Department says spending on construction projects in the United States fell in April to its lowest level since December. The department said Monday the spending in April declined 0.3 percent from March, to $862.6 billion.

The Commerce Department also says the rate of residential construction dropped 0.3 percent to nearly $450 billion.

Meanwhile, a private industry group, the Institute for Supply Management, says its manufacturing index rose in May, in a tentative sign the economy might be recovering.