US June construction spending.

The US June construction spending came in much weaker than expectations.

  • Construction spending -1.3% vs +0.4%. Big miss to the downside
  • The prior month was revised higher to +0.3% from 0.0% reported earlier
  • Private construction spending drops -0.1%
  • Private residential construction spending drops -0.2%
  • Public construction spending tumbles -5.4%
  • Public construction outlays lowest since Feb 2014
  • Highway construction was down -6.6% from May
  • Educational construction was down -5.5% from May

Judging from the public spending changes in the public sector, infrastruture stimulus is not exactly roaring ahead yet or over the last year.