Economic Update: Feb. U.S. Construction Spending Declined 1.1%

February U.S. construction spending fell 1.1% month-over-month, which was much weaker than the 0.7% increase expected by consensus. I also comes after January was revised downward to a 0.8 drop (previously down 0.1%). Residential spending was flat in February, after January was revised down to a 0.1% drop (was up 1.6%). Nonresidential spending fell another 1.6% after a 1.1% drop in January (revised from a 0.8% decline). Both private and public spending fell over January, down 0.8% and 1.7%, respectively. The report was disappointing, though the upbeat ISM manufacturing sentiment data may help offset the news.

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