Residential Spending has Bad Month; Holds up Well Overall

By Jann Swanson

Posted To: MND NewsWire

Construction spending was essentially flat in May when compared to April. The U.S. Census Bureau said on Monday that there were seasonally adjusted annualized expenditures of $1.23 trillion during the month on all types of construction. The revised estimate for April was $1.23 billion as well, but that resulted from a revision of the original sharp decline in spending reported for March, 1.4 percent, to -0.7 percent. On a year-over-year basis total spending was up 4.5 percent. Analysts polled by Econoday had expected an increase of 0.5 percent. Estimates from no change to a positive 0.9 percent. On a non-seasonally adjusted basis, total spending in May was $103.16 billion compared to $99.506 in April. For the first five months of 2017 the Bureau estimates spending at $469.2 billion, up 6.1…(read more)

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