U.S. construction spending rose more than expected in October as both private and public outlays increased, which could ease concerns of a sharp slowdown in fourth-quarter economic growth.
Construction spending rose 1.1 percent, the largest gain since May, to an annual rate of $970.99 billion, the Commerce Department said on Tuesday.
September’s construction outlays were revised up to show only a 0.1 percent drop instead of the previously reported 0.4 percent fall. Economists polled by Reuters had forecast construction spending rising 0.6 percent in October.
The upbeat construction data suggests some momentum in the economy early in the fourth quarter. Weak durable goods orders data has raised concerns of a sharp moderation in the pace of growth in the final three months of the year.
via CNBC
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.
Alfonso Esparza
Latest posts by Alfonso Esparza (see all)
- USD/CAD Canadian Dollar Lower on Record High Household Debt - 09/13/2019
- Bitcoin Rebounds on ECB Cut Looks Ahead to Fed - 09/13/2019
- Oil Falls on Demand Concerns and Oversupply - 09/13/2019