Construction Spending Jumps 2.6% in Nov.

Construction spending jumped 2.6% in November, led by much higher government spending on highways and schools, the Commerce Department said. Economists had expected a gain of just 0.3%. The advance followed three consecutive monthly declines. Government construction spending was up 5.3% after falling 0.1% in October. Private construction spending also grew, by 1.7%, ending four straight months of declines. Spending on residential projects rose 1.1% and nonresidential activity was up by 3.3%.