US DATA: March construction spending +1.4%, well above the +0.5% reading
expected and following mixed revisions to the prev two months, but still
down sharply y/y. Priv resident constr +2.6% in March, but 1-fam constr
-1.0%, multi-family -2.2%. An MNI calc shows priv resident constr ex new
homes +6.9% in March after -12.9% in Feb. Private nonres constr +1.8%,
but there were declines in some components, incl commercial building.
Public constr +0.1%, with fed construction -2.0%, state and local +0.3%.