BUILDING SPENDING FALLS 0.8%

Spending on U.S. construction projects fell in May, the first drop in six months, as home building fell for a fifth straight month.

The Commerce Department reported Monday that spending fell 0.8 percent in May, the first decline since a 1.3 percent drop in November, to a seasonally adjusted annual rate of $1.29 trillion. Spending in April was revised up from a flat reading to a small gain of 0.4 percent.

The weakness in May was widespread with spending on single-family homes and apartments down 0.6 percent, while nonresidential construction fell 0.9 percent.

Manufacturing growth slows for 3rd straight month.

U.S. factory activity grew at a slower pace in June for the third straight month as measures of new orders and inventories fell.

The Institute for Supply Management, an association of purchasing managers, said Monday that its manufacturing index slipped to 51.7 last month from 52.1 in May.

Any reading above 50 signals an expansion.

OPEC extends oil production cuts.

OPEC is extending its deal to cut production for another nine months in bid to keep oil prices from sagging as the oil cartel faces a weakening outlook for global demand.

The decision among the members of the Organization of the Petroleum Exporting Countries came during a meeting Monday at the cartel’s headquarters in Vienna.

Saudi Arabia Energy Minister Khalid Al-Falih said “the commitment to a nine-month extension is unequivocal, very solid, very strong” among OPEC members.

Europe’s unemployment lowest in more than a decade.

The unemployment rate in the 19 European Union countries that use the euro fell to its lowest in more than a decade in May as domestic demand and low interest rates help kept the recovery going.

Official figures Monday showed the jobless rate declined to 7.5 percent from 7.6 percent in April, well below the peak of 12.1 percent in 2013.