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Construction spending falls for fourth straight month

WASHINGTON (Reuters) - U.S. construction spending fell for a fourth straight month in February to the slowest rate in nearly 7-1/2 years as activity softened in every major sector from homebuilding to public construction projects.

Overall construction spending fell 1.3 percent to a seasonally adjusted annual rate of $846.23 billion following a revised 1.4 percent decline in January that previously was reported as a 0.6 percent decrease, the U.S. Commerce Department said on Thursday.

The February drop exceeded the 1 percent decline that economists surveyed by Reuters had forecast.

(Reporting by Glenn Somerville; Editing by James Dalgleish)