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Oct. 3, 2022, 7:54 p.m. EDT

‘The figures were weak’: Construction spending falls in August, more than Wall Street analysts’ expectations

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By Aarthi Swaminathan

Outlays for construction projects fell 0.7% in August to $1.78 trillion, the Commerce Department reported Thursday. 

Wall Street was expecting a drop of 0.2%.

Spending in July fell a revised 0.6% to $1.79 trillion, up from the prior estimate of a 0.4% drop.

Over the past year, construction spending is still up 8.5%.

Total private construction fell 0.6% in August. Private residential construction fell 0.9%, while private nonresidential spending fell 0.1%.

Total public construction fell 0.8%%. Residential public construction fell 2.7% while nonresidential public construction fell 0.8% last month.

“The figures were weak, but I had already penciled in some very negative estimates for Q3,” Stephen Stanley, chief economist at Amherst Pierpont, wrote in a note.

The Dow Jones Industrial Index /zigman2/quotes/210598065/realtime DJIA +0.82% , S&P 500 /zigman2/quotes/210599714/realtime SPX +0.59% and Nasdaq Composite /zigman2/quotes/210598365/realtime COMP +0.55% were all up in early trading on Monday.

US : Dow Jones Global
+294.61 +0.82%
Volume: 0.00
Dec. 1, 2023 4:51p
+26.83 +0.59%
Volume: 0.00
Dec. 1, 2023 4:51p
US : Nasdaq
+78.81 +0.55%
Volume: 5.64B
Dec. 1, 2023 5:16p

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