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Construction spending fell 0.6 per cent month-over-month (mum) in August, according to the latest release by the Census Bureau.This missed expectations of a 0.6 per cent rise. But spending was up 6.5 per cent from a year ago.
Last month’s reading was revised higher to -0.4 per cent.
But there were positive signs for housing, with residential spending up 0.9 per cent mum, and up 16.1 per cent YoY.
Construction spending for August is out at 10 .a.m ET.
Economists polled by Bloomberg expect construction spending to rise 0.6 per cent month-over-month, after falling 0.9 per cent in July.
Last month’s decline was led by a drop in private residential spending.
Construction spending along with indicators like housing starts help gauge the direction of housing activity.