Link Securities | US construction spending fell 0.3% on a monthly basis in June to a seasonally adjusted rate of $2.148 billion, following a revised 0.4% decline in the previous month, and against consensus forecasts for a 0.2% improvement. The reading marks the second consecutive month of falling spending, as private consumption contracted 0.3% in the period, driven by a 0.3% drop in the residential segment, specifically in single-family projects (-1.2%) which offset a 0.1% increase in multi-family projects. At the same time, consumption in the non-residential segment fell by 0.1%. Meanwhile, public spending was 0.4% lower. On a year-on-year basis, construction spending increased by 6.2% in June.
US construction spending falls 0.3% month-on-month in June -second consecutive decline- to adjusted rate of $2.148bn
