May US construction spending +0.1% vs +0.5% expected

The May construction spending report includes annual revisions so it’s likely to be a noisy report. Still, it’s an important component of GDP.

• Prior revised to +0.8% from +0.2%

Private construction spending was down 0.3% while public spending rose 1.0%.

Update: Digging through the data there are some good signs here. During the first 5 months of the year construction spending rose 8.2% compared to the same period in 2013 — so much for weather slowing activity.