US DATA: Oct construction spending +0.7%, well above the -0.4% reading
expected. There were mixed revisions to the previous two months. Priv
resident constr +2.5% in Oct, though 1-fam constr -1.2%, multi-family
+3.2%. An MNI calc shows priv resident constr ex new homes +6.2% in Oct,
a second consecutive large gain that suggests remodeling activity
remained solid. Private nonres constr -0.7% on declines in almost every
category, public constr +0.4%, with federal spending at a record high.