December 7, 2018
October 2018 metrics released by the U.S. Department of Commerce showed that construction spending fell for a third straight month. Total construction spending fell by 0.1% to $1.31 trillion in October, though the figure was 4.9% higher than the $1.24 trillion reported in October 2017.
The Commerce Department also revised its September 2018 construction figure, originally reported as unchanged, to show a 0.1% decline. Private construction fell by 0.4% in October, compared to a 0.4% gain a month earlier. Private residential outlays, in the meantime, dropped 0.5% to its lowest since November 2017.
According to Reuters, the data is released as investors watch for signs that the Federal Reserve’s three-year tightening cycle could be coming to a close, following an anticipated hike in December.
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