Barclays economist Pooja Sriram.......>

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."