Headline growth in US construction spending collapsed in July to just 1.6% YoY – the weakest since 2011.
As Reuters reports, U. S. construction spending unexpectedly fell in June as investment in public projects recorded its biggest drop since March 2002. The Commerce Department said on Tuesday that construction spending tumbled 1.3 percent to $1.21 trillion – the lowest level since September 2016 – drastically missing economists’ estimates of a 0.4% increase.
This post was published at Zero Hedge on Aug 1, 2017.
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