US June 2019 construction spending data

US construction spending
  • Prior was -0.8% (revised to -0.5%)
  • Worst month since Sept 2018
  • Private spending -0.4%
  • Public spending -3.7%

Spending on residential construction has contracted for six straight quarters. To me, that's the single toughest thing to explain in the US economy, even moreso with rates falling now.