Construction spending drops 0.3% in July, missing expectations, signaling a potential economic slowdown.

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Construction spending decreasing does NOT bode well for jobs in that sector. Construction is not a small piece of the economy either, and spending in other sectors will be negatively affected by increased unemployment in this sector.

Remember, the unemployed don’t consume, and they don’t buy houses. Plan accordingly.

via morningstar

Construction missed estimates in July, government says

Construction spending fell in July, as U.S. companies and the government scaled back projects across the nation as interest rates stayed elevated.

Spending on construction projects fell 0.3% in July to $2.16 trillion, the Commerce Department reported Tuesday.

The figure fell short of expectations. Economists surveyed by Dow Jones Newswires and The Wall Street Journal expected construction spending to fall 0.1% in July.

h/t Dangling_Klingon

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