US August construction spending -0.1% vs +0.1% expected

• Prior month -0.3%
• Seasonally adjusted annual rate $2,131.9 billion vs $2,162.7 billion prior
• Construction spending +4.1% y/y in August
• Private construction -0.2% m/m
• Public construction +0.3% m/m
• Residential -0.3% m/m, +2.7% y/y
• Nonresidential +0.1% m/m, +5.2% y/y

Construction spending dipped slightly in August but remains solidly higher compared to last year. The housing sector continues to face headwinds, while nonresidential and public construction are showing more strength.

This article was written by Adam Button at www.forexlive.com.