U.S. construction spending unexpectedly fell in October as investment in private projects tumbled to its lowest level in three years, offering a cautionary note on the economy despite a recent string of upbeat reports. The Commerce Department said on Monday construction spending dropped 0.8%. Data for September was revised to show construction outlays declining 0.3% instead of rising 0.5% as previously reported. Economists polled by Reuters had forecast construction spending gaining 0.4% in October. Construction spending increased 1.1% on a year-on-year basis in October. The report came on the heels of recent upbeat ... (full story)