US July construction spending +0.7% vs +0.5% expected

<ul><li>US construction spending for July % versus 0.5% expected</li><li>total construction spending $1,972.6 billion versus $1,938.4 billion last month</li><li>Construction spending year on year +5.5% vs +3.5% prior</li><li>private construction +1.0% vs +0.5% prior</li><li>residential construction +1.4% vs +0.9% prior</li></ul><p>Residential construction is down 5.5% y/y but that should rebound in the year ahead. What makes it so hard to read these numbers is that billions of government and government-backed dollars are going into the IRA and CHIPS act spending.</p>

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