US August construction spending -0.7% vs +0.3% expected

August US construction spending data

• Prior was 0.0% (revised to -0.3%)
• Private spending -0.3%
• Public spending -2.0%
• Spending at $1.142 trillion
• Lowest level in 8 months
• Residential -0.3%
• Commercial -2.0%

Big miss with a downward revision. That will lead to a lowering of estimates to Q3 GDP.