Construction spending stumbles in March but is stronger for the year to date

Construction spending stumbles in March but is stronger for the year to date

The numbers: Construction expenditures had been 1.7% decrease in March in contrast to February, the Commerce Department said Tuesday. But a hefty upward revision to spending estimates in prior months indicators that spending is on a robust footing.

What occurred: Spending ticked down to a seasonally adjusted annual $1.285 trillion price in March from a $1.306 trillion tempo in February. March expenditures had been three.6% increased than a year in the past.

The Econoday forecast was for a zero.5% enhance in March.

The large image: In March, outlays for public sector development initiatives had been little-changed, but personal sector spending fell 2.1%.

Residential development spending was three.5% decrease for the month, but 5.three% increased in contrast to a year in the past.

With expenditures now seen as stronger in January and February than the authorities initially estimated, complete development spending for the year to date is 5.5% increased than the identical interval in 2017.

Market response: The 10-year Treasury yield,

TMUBMUSD10Y, +0.64%

  which is hovering just under latest highs, was little modified after the report was launched.

Also learn: First-quarter GDP grows solid 2.3% as businesses grab baton from consumers

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