US DATA: Apr construction spending +0.3%, just shy of the MNI
median forecast of +0.4%. Mar constr spends was rev up to +0.3% (prev
+0.1%). Private constr +1.2% in Apr and Public constr -1.4%. Private res
constr +2.8% w/1-fam +1.8% and Multi-fam +4.1%. It was the biggest
increase in private res constr since Oct’11 when it also was +2.8. Apr
residential spendng ex-new homes +3.7% vs -2.9% in Mar according to an
MNI calc. Apr Nonresidential spending -0.2% with Mfg -4.6%, Power -1.0%
and office +1.6%. State constr was -1.0% and Fed constr -5.0% — which
was the biggest decrease since Oct’11 when it was -8.0%.