- Prior month -0.1% revised to -0.4%
- Construction spending for June -0.3% versus 0.2% expected
Total Construction:
- June 2024 construction spending: $2,148.4 billion (seasonally adjusted annual rate)
- Decrease from May 2024: -0.3%
- Increase from June 2023 YoY: +6.2%
- First six months of 2024 spending: $1,034.8 billion
- Increase from first six months of 2023: 8.6%. The same 6-month period in 2023 was at $952.5
Private Construction:
- Private construction spending (June 2024): $1,664.6 billion (seasonally adjusted annual rate)
- Decrease from May 2024: -0.3%
- Residential construction spending (June 2024): $928.0 billion
- Decrease from May 2024: -0.3%
- Nonresidential construction spending (June 2024): $736.6 billion
- Decrease from May 2024: -0.1%
Public Construction:
- Public construction spending (June 2024): $483.9 billion (seasonally adjusted annual rate)
- Decrease from May 2024: -0.4%
- Educational construction spending (June 2024): $101.9 billion
- Decrease from May 2024: -0.9%
- Highway construction spending (June 2024): $143.5 billion
- Decrease from May 2024: -0.4%
The last two months are showing a slowing of the trend higher seen until the last few months. Whether that increases with the decline in rates going forward, we will see.
The 10 year yield is trading below the 4.0% level to 3.978%. That's the lowest level since February 2. The low for the year was reached on February 1 at 3.817% before moving to a high on April 25 of 4.739%.
Today:
- The initial and continuing l jobless claims was weaker.
- The employment cost data was lower than expected.
- The ISM manufacturing data was weaker.
- Construction spending was weaker
Did the Fed make a mistake?
Tomorrow the US jobs report will be released with expectations for non-farm payroll at 175K. The unemployment rate is expected to remain steady at 4.1%.If that data is weaker, September 18 will seem a long way away. However. rates are doing the lifting for the Fed.
