Construction spending slides in Europe

Construction spending dropped 0.3 percent in the eurozone from April to May, the European Union's statistical office Eurostat said Wednesday. Spending on construction projects also dropped in the 28-member European Union, falling 0.2 percent, Eurostat said. With the economy in a prolonged recession in Europe, construction spending has now dropped in six of the last seven months after gaining 1 percent in the eurozone and 1.1 percent in the EU in April, the data office said, releasing revised figures. In June, Eurostat estimated construction spending up 2 percent in the 17-member currency region and 0.9 percent in the EU. Figures for May are considered an advanced estimate that are subject to revision. Data from only 13 of 27 member countries was included in Wednesday's report, which leaves next month's revisions vulnerable to significant changes.