US DATA: Aug construct spending +1.4%, well above -0.3% expected, but
following slight downward revisions to the previous two months. Private
constr +0.4%, public building +3.1%. Private residential spending +0.7%,
with 1-fam building and multi-family building both +0.8%. An MNI
calculation show residential building excluding new homes +0.5% after
sharp drops in the previous two months. Private nonresidential building
+0.2%, led by a 2.9% jump in the large power sector. The large increase
in public spending was due to a 3.5% rebound in state and local govt
spending, more than offsetting a 0.5% decline in federal spending.
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