US DATA: Oct construct spending +0.8%, above the +0.5% expected. Sept
const unrev +0.2%. Private constr +2.3% in Oct, but public building
-1.8%. Private residential spending +3.4%, with 1-fam building +0.6%,
but multi-family building -0.8%. An MNI calculation shows residential
building excluding new homes +6.7% after +1.5% in Sept. Private nonres
building +1.3% on gains in a number of key sectors, though mfg constr
-0.4%. The sharp drop in public spending was due to a 5.0% drop in
Federal spending and a 1.4% drop in State and Local govt spending.