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03.09.2024

U.S. construction spending unexpectedly reduces in July

The Commerce Department announced on Tuesday that the U.S. construction spending dropped 0.3 per cent m-o-m in July, following an upwardly revised flat m-o-m performance (from -0.3 per cent m-o-m) in June. This marked the first decline in construction spending since October 2022 (-0.3 per cent m-o-m). 

Economists had expected construction spending to remain unchanged m-o-m in July.

According to the report, spending on private construction decreased 0.4 per cent m-o-m in July, as residential spending and non-residential spending both demonstrated a 0.4 per cent m-o-m decline. 

Meanwhile, the public construction outlays edged up 0.1 per cent m-o-m, as a 0.2 per cent m-o-m gain in non-residential spending offset a 2.6 per cent m-o-m plunge in residential spending. 

On a y-o-y basis, construction spending surged 6.7 per cent in July.

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