For the third month in a row, US construction spending dropped MoM (tumbling 0.6% in June, missing expectations of a 0.5% bounce). The overall construction spending data is now unchanged (+0.3% YoY) from a year ago - the weakest annual growth since July 2011.
Some high(low)lights include:
- *U.S. JUNE PRIVATE CONSTRUCTION SPENDING FALLS 0.6% FROM MAY
- *U.S. PRIVATE NON-RESIDENTIAL CONSTRUCTION FALLS MOST SINCE DEC.
- *APRIL CONSTRUCTION OUTLAYS FELL 2.9%, REVISED FROM 2% DROP
- *U.S. STATE, LOCAL GOVT CONSTRUCTION OUTLAYS LOWEST SINCE NOV.
But apart from that, everything is awesome.