Market Flux Event
US Construction Spending Plunges 1.9% in September, Far Below Forecasts
Read this in the Market Flux appUS construction spending fell 1.9% in September, sharply missing economist expectations of a 0.4% gain and marking a significant reversal from the prior month. Total spending declined to an annualized rate of $2.186 trillion, with private construction leading the drop at 2.4% while public construction slipped a more modest 0.1%.
August's figure was revised substantially higher to 2.0% growth from the previously reported 0.9%, making September's pullback all the more pronounced by comparison. The report adds to concerns about the near-term trajectory of construction activity across both private and public sectors.
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Sources
- LiveSquawkUS Construction Spending (M/M) Sep: -1.9% (est 0.4%; prev 0.9%)
- DeItaoneUS CONSTRUCTION SPENDING PLUNGES 1.9%, SHARPLY MISSING EXPECTATIONS US construction spending fell 1.9% in September, significantly worse than the 0.3% increase expected by economists. Total spending declined to an annualized $2.186 trillion. Private construction spending dropped 2.4%, while public construction slipped 0.1%. August's growth was revised sharply higher to 2.0% from 0.9%.
- Seeking AlphaConstruction spending unexpectedly falls in September
- InvestingUS construction spending fell 1.9% in September
- NasdaqU.S. Construction Spending Unexpectedly Pulls Back Sharply In September