US DATA: Aug construction spending +0.4%, well above the -0.4% reading
expected and following mixed revisions to the previous two months.
Public construct +2.5% key factor, led by +5.0% for highways and street
construct. Priv resident constr -0.9% in Aug, with 1-fam constr -4.2%,
multi-family -11.4%. An MNI calc shows priv resident constr ex new homes
+5.0% in Aug (+4.2% y/y) after -4.5% in July, suggesting remodeling
activity resumed. Private nonres constr -1.4% on widespread declines.