Nonresidential construction spending dipped 0.8 percent in November, totaling $688.1 billion on a seasonally adjusted, annualized basis, according to data analysis by Associated Builders and Contractors (ABC).

Overall, 12 of the 16 nonresidential subsectors experienced spending decreases in November as spending declined in both the private (-0.7 percent) and public sectors (-1 percent).

The drop in November represents the worst monthly performance since April 2015, and both October and September’s spending estimates were revised downward, according to ABC.

“While it is rarely a good idea to place too much emphasis on one month of data, there are some ominous indications in today’s report,” says ABC chief economist Anirban Basu. “After experiencing significant spending momentum early last year, that momentum has softened considerably in recent months. Recent surveys of construction executives have been a bit more downbeat of late.”

He continues: “Economic news generally has not been very positive with the glaring exception of the U.S. labor market, often viewed as a lagging economic indicator. Profit margins at many companies are being squeezed by rising wage and healthcare costs, and the losses experienced by energy suppliers have been well chronicled. Softer global economic growth and a stronger U.S. dollar are also making their mark. The world suddenly feels considerably riskier. That frequently translates into diminished capital availability, which ultimately translates into weaker construction spending.”

Only four of 16 nonresidential construction sectors experienced spending increases. They include the communication, educational, office and transportation categories.