Prior month +1.3% from +0.4%
The US construction spending showed a big miss at -1.1% vs 0.3% expected. However, the sharp fall was softened by a big revision in the prior month. May was revised to +1.3% from the 0.4% expected.
Nevertheless, the net effect is a worse than expected numbers for the combination.
- Private construction fell -0.4% vs a 0.9% gain in May
- Spending on private nonresidential structures fell -0.3% in June after a 0.2% gain in May
- Public spending was down -3.5%. Largest drop since March 2013. That offset the 3.0% gain in May.
- spending on federal government construction fell -3.1% following a 0.9% gain in May.
- The drop of -1.1% was the largest in more than a year (April 2017)
