September Construction Spending Outpaces....>

US DATA: September Construction Spending Outpaces Expectations

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- September construct spending +0.5% vs +0.2% forecast by BBG median 

- August revised down to -0.3% from prev +0.1%

- September total construction down 2.0% year-on-year

- Total Public Construction +1.5% m/m, +6.6% y/y

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Overall construction spending outpaced expectationss in September, 

although there was a significant downward revision to the August number. 

Residential spending increased in Sept, although slowing from July and 

Aug, confirming recent comments from the NAR and Fed Chair Powelll that 

housing was a net boost to Q3 GDP. Public works continue as a driver, up 

1.5% m/m and 6.6% y/y. Overall construction spending though was down 

2.0% on year-ago levels.