US Construction Spending Rises in October

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

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza