Construction spending down

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Monday, June 2, 2003 | 10:11 a.m.

WASHINGTON -- U.S. spending on construction slowed in April to the lowest level in four months as builders coped with the lackluster economic recovery, while business at the nation's manufacturers continued to decline -- but at a slower rate in May.

The Commerce Department reported today that the value of construction projects dipped by 0.3 percent in April from March to a seasonally adjusted annual rate of $862.6 billion.

The Institute for Supply Management said its manufacturing index was 49.4 percent last month, up from 45.4 in April. A reading below 50 means manufacturing activity is slowing.