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Construction spending off 0.2%
Feb.'s decline was the first since Aug., but the annualized rate of $872.21 bil was better than expected, the Commerce Dept. said. Spending fell 0.2% vs. a year ago. Spending on private construction, including homes and office buildings, rose 0.7% from Jan. But road, school and other public construction fell 3%.
Retail sales continue to decline
Instinet Research's Redbook Average, which gauges national retail sales, dropped 2.8% last week from year-ago levels. For the month, sales fell 1.5% through March 29 from the same period last year. Separately, the Bank of Tokyo-Mitsubishi-UBS Warburg's Retail Chain Store Sales Index fell 1.4% last week from the week before.
Japan's business confidence falls
The Bank of Japan's latest tankan survey showed confidence fell in Jan.-March as economists said the full impact of war in Iraq was yet to be felt. The large manufacturers' index slipped a point to -10, the first decline in the index since Oct.-Dec. '01. ...