Thanks to a 3.2% rise in state and local government spending – the most since 2009 – the “public” construction spending lifted the headline data to beat expectations overall. However, a small scratch below the surface an it is clear that residential construction spending is not playing ball. Having fallen for 3 of the last 4 months, residential construction spending dropped 0.5% (the most since July) and private construction spending overall (residential and non-residential) dropped 0.5% – the most since at least April.
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via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/rWOSzJijbOo/story01.htm Tyler Durden