U.S. construction spending increases at five-year high

Spending on U.S. construction rose to its highest level in five years in April, but the increase was lower than expected, suggesting a slight rebound after retraction of this activity in the first quarter.

Construction spending increased 0.2 percent to an annual pace of 953,500 billion, the Commerce Department said Monday. It was the highest since March 2009.

Economists had expected a rise of 0.6 percent.

But the March figure was revised to reflect an advance of 0.6 percent instead of the previously reported increase of 0.2 percent.