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Here’s one key takeaway from the Commerce Department’s report Jan. 4 on U.S. construction spending: The 0.4% decrease in November, which itself was weaker than the most pessimistic Bloomberg News survey forecast, was accompanied by downward revisions to prior months.

Optimism among chief financial officers about the U.S. economy dimmed in the second half of this year, helping explain why companies plan to temper spending on equipment and hold more cash in 2016.