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US DATA REACT
US DATA REACT: Barclays economist Pooja Sriram noted US construction spending
"rebounds in August, but downward revisions to July data lower Q3 GDP tracking
to 2.0% US construction spending rebounded by 0.5% m/m in August, slightly lower
than our expectation and broadly in line with consensus estimates (Barclays:
0.7%; consensus: 0.4%)."
- The economist adds "July's data were revised significantly downwards, with the
report now showing a 1.2% m/m decline in total construction spending (prev.:
-0.6%). The improvement in August was broad-based across private and public
construction spending. Private construction spending rose by 0.4% m/m, driven by
equal-sized increases in the residential and non-residential sub-categories.
Within the private residential sub-category, single-family construction spending
rose modestly, in line with our expectation, but multi-family construction
spending rebounded solidly, more than what we had anticipated."

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