US DATA: Aug construction spending -0.6%, nowhere close to the
+0.7% median expectation of forecasters surveyed by MNI. July was
revised to -0.4% (prev -0.9%). Private constr spending -0.5% and Public
construsction was down 0.8%. Prvt Residential constr +0.9%, 1-fam +2.8%,
Multi-fam +3.7%. According to an MNI calculation, Residential ex-new
homes -1.7%% vs Jul -2.2%. Nonresidential construction spending driving
the overall decline. Private nonresidential constr -1.7% vs Jul -0.5%.
State and local govt constr spending -0.9%, negating +0.3% Fed constr
spends. Prvt power constr -3.7% and prvt commercial constr -1.3%.
Decline in overall construction spending the lowest since 3.0% decline
in July 2011.