Although it's July, economic reports and revisions are still coming in from April and May. Construction spending is the latest standout. Let's start with the Econoday consensus.

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Econoday Consensus Reading: A rebound in multi-family units helped drive construction spending 1.8 percent higher in April to fully reverse the prior month's 1.7 percent decline. Construction spending, often volatile month to month, is expected to rise a very constructive 0.6 percent in May in what would be a positive for second-quarter GDP.

Construction spending is one of the most heavily revised reports, and that revision was a doozie.

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The Commerce Department report on Construction Spending shows revisions for January, February, March, and April, in fact all the way back to January 2011.

Revision Notice: "With this release, unadjusted data have been revised back to January 2016 and seasonally adjusted data back to January 2011."

As mentioned previously, Econoday stopped commenting on results, but it does post them. I believe the Econoday parrot is dead. If the parrot was still alive, it likely would have found "hidden strength" in today's report somewhere.

Mike "Mish" Shedlock

Construction Spending Flat, Private Construction Negative

Economists expected construction spending to rise. Instead, spending was flat, and only because of government spending.

Construction Spending Unexpectedly Weak -0.8%: Single-Family Down Every Month

Economists expected construction spending would rise 0.1%. Instead, spending fell 0.8%, including revisions, down 0.4%.

Construction Spending Flop: Only Public Spending Prevents Outright Disaster

The Econoday consensus expected a bounce in May construction spending but the only bounce was an April revision from -1.4% to -0.7%. May was flat vs an expected bounce of 0.5%.

Pondering Today's Gigantic Miss on Construction Spending

The Oct construction spending report was much weaker than expected. That's on top of huge negative revisions for Sept.

Construction Spending Accelerates

Construction spending rose more than expected in November. Revisions add to the gains.

March Construction Spending Unexpectedly Declined by 0.9%

Construction spending declined 0.9% in March and revisions in February were negative.

Construction Spending Falls Sharply, March Revised Higher: Construction Spending Mysteries

The construction spending reports by the Census Department remain a complete joke. Once again, heavy revisions are in play.

Construction Spending Unexpectedly Weak: Home Repairs Collapse

Economists expected a jump of 0.5% in construction spending. Instead, spending came in at 0.1%.

Construction Spending Declines 1.7% but Strong Upward Revisions in Jan and Feb

The often volatile and heavily revised construction spending numbers did their thing again in March.