US DATA: Feb construction spending -1.1%, below MNI..

US DATA: Feb construction spending -1.1%, below MNI median forecast
of +0.8%. Jan constr spends was rev down to -0.8% (prev -0.1%). Private
constr -0.8% in Feb. Private residential spending was unch, with 1-fam
building falling -1.5% but multi-family building +2.0%. Multifamily
building is up +25.7% year-over-year and 1-fam is up +4.2%
year-over-year. Private nonres building -1.6%, falling on decreased
spending on prvt power (-2.1%) and commercial (-3.0%). Prvt
manufacturing spending was +1.7%. Federal spending +1.9% in Feb vs
-4.2% in Jan; State and Local govt spending -2.1% vs +0.5% in Jan.