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US construction spending soars

US construction spending recorded its largest monthly increase for nearly 10 years in April.

The Commerce Department said construction spending rose 2.7 per cent, the biggest advance since August 2000, to an annual rate of $869.1 billion (£590bn).

Investment in private construction surged 2.9 per cent, while public construction spending increased 2.4 per cent.

The rise in overall construction spending in March was revised up from 0.2 per cent to 0.4 per cent.