While there has been some slowing in consumer spending and persistent weakness in manufacturing, the national economy may be on firmer ground as U.S. construction spending rose more than expected in October with outlays rising across the board. Construction spending increased 1.0 percent to a seasonally adjusted $1.11 trillion rate, the highest level since December 2007, after an unrevised 0.6 percent gain in September, according to the Commerce Department. Construction spending has risen every month this year and is likely to support the economy in the final three months of the year.
Wednesday, April 20, 2016
U.S. construction spending rises solidly to near 8-year high
Source: Reuters
While there has been some slowing in consumer spending and persistent weakness in manufacturing, the national economy may be on firmer ground as U.S. construction spending rose more than expected in October with outlays rising across the board. Construction spending increased 1.0 percent to a seasonally adjusted $1.11 trillion rate, the highest level since December 2007, after an unrevised 0.6 percent gain in September, according to the Commerce Department. Construction spending has risen every month this year and is likely to support the economy in the final three months of the year.
While there has been some slowing in consumer spending and persistent weakness in manufacturing, the national economy may be on firmer ground as U.S. construction spending rose more than expected in October with outlays rising across the board. Construction spending increased 1.0 percent to a seasonally adjusted $1.11 trillion rate, the highest level since December 2007, after an unrevised 0.6 percent gain in September, according to the Commerce Department. Construction spending has risen every month this year and is likely to support the economy in the final three months of the year.
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