Construction spending fell for a third consecutive...

Construction spending fell for a third consecutive month in February, a 0.3% decline that reflected weakness in the housing sector. The Commerce Department said construction spending declined to a seasonally adjusted annual rate of $391.5 billion in February, following a 2.8% drop in January. In addition, the department revised the December figure to show a small decline of $100 million instead of a 0.4% increase. The February decline pushed construction spending 2.5% below where it was a year earlier. Analysts are forecasting further cutbacks in 1988.