Here's A Positive Spin On Today's Terrible Construction Spending Report

CNBCToday’s March construction spending report was a big disappointment, unexpectedly falling 1.7% from February to $856 billion.

Economists were looking for a 0.6% gain.

However, not all economists see it as a total disaster.

“The construction spending data are not that bad,” said Deutsche Bank’s Joe LaVorgna in a tweet.  “They point to $4 billion more Q1 output than BEA first assumed.”

Last week, we learned that real GDP grew at a 2.5% rate in Q1, which was much lower than the 3.0% growth rate forecasted by economists.

But that GDP report was just the first of three estimates.  Perhaps we’ll see some upward revisions coming.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.