JPM economist Daniel Silver said......>

US DATA REACT: JPM economist Daniel Silver said recent US "construction data

look pretty weak" as the June construction report "disappointed. Construction

spending fell 1.3% in June (against expectations for a modest gain), and there

were net downward revisions to earlier data, with the change in April revised

down from -0.7% to -1.8% and the change in May revised up from 0.0% to 0.3%."

- He adds that "the recent figures came out weaker than the related assumptions

that were used by the BEA in its advance 2Q GDP report, and we are taking our

tracking estimate of 2Q real GDP growth down from 2.6% to 2.5% saar. The recent

disappointments also remove some of the upside risk that we see regarding our 3Q

real GDP forecast (currently: 1.75% saar)."