U.S. residential construction reaches lowest rate since December

Construction of houses and apartments in the U.S. fell 10% between April and May to a seasonally adjusted annual rate of 593,000, the lowest level since December. The Labor Department's wholesale-price index slipped 0.3% last month, led by a 7.4% drop in the cost of home-heating oil and a 7% decline in the price of gasoline.

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