P:rior month revised lower to 0.7% from 1.0%
The US construction spending for the month of March came in weaker than expected at -0.9%. The estimate was 0.0%. Also weaker was the revision which fell from 1.0% to 0.7%.
- residential construction fell -1.8% versus -0.4% last month
- nonresidential construction fell -0.3% versus 1.4% last month
- private construction fell -0.7% versus -0.2% last month
- public construction fell -1.3% versus +3.2% last month
- total three-month annualized rate +2.0% versus +6.5% last month
The numbers are disappointing and should be a negative for 1Q GDP.