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U.S. construction spending growth accelerates strongly in October

Construction spending in the U.S. grew sequentially in the month of October. It accelerated significantly to 1.4 percent from the prior month’s rise of 0.3 percent, as compared with consensus expectation of 0.5 percent sequentially. Non-residential construction grew strongly, while residential construction spending was widely consistent with expectations.

Delving into details, the growth in October was mainly driven by a jump in nonresidential construction of 2.1 percent, while the overall residential construction rose a more moderate 0.4 percent. Within residential, private spending grew 0.4 percent sequentially while public spending dropped 3 percent correcting slightly from the solid rise in late summer. Meanwhile, nonresidential construction was stimulated by the public sector that rose 4 percent sequentially, while private sector spending rose a more modest 0.9 percent.

“The strong increase in public construction spending suggests a higher contribution from government spending to Q4 GDP, and boosted our tracker by about three-tenths”, noted Barclays in a research report.

Meanwhile, data on private construction spending suggested slightly lower residential and structures investment in the fourth quarter.

At 19:00 GMT the FxWirePro's Hourly Strength Index of US Dollar was neutral at -30.8339. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex

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December 11 09:00 UTC Released

ITRetail Sales NSA YY

Actual

-2.1 %

Forecast

Previous

3.4 %

December 11 09:00 UTC Released

ITRetail Sales SA MM

Actual

-1 %

Forecast

Previous

0.9 %

December 11 11:30 UTC 126126m

TREndYear CPI Fcst/Cb Svy*

Actual

Forecast

Previous

10.68 %

December 11 15:00 UTC 336336m

USEmployment Trends*

Actual

Forecast

Previous

135.6 tln

December 11 15:00 UTC 336336m

USJOLTS Job Openings*

Actual

Forecast

Previous

6.093 Mln

December 11 21:00 UTC 696696m

KRExport Price Growth YY*

Actual

Forecast

Previous

8 %

December 11 21:00 UTC 696696m

KRImport Price Growth YY*

Actual

Forecast

Previous

6.8 %

December 11 23:50 UTC 866866m

JPCorp Goods Price MM*

Actual

Forecast

Previous

0.3 %

December 11 23:50 UTC 866866m

JPCorp Goods Price YY*

Actual

Forecast

Previous

3.4 %

December 12 00:30 UTC 906906m

AUNAB Business Conditions

Actual

Forecast

Previous

21 Bln TRY

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