Of all the noisy reports, construction spending is the worst. Econoday economists expected spending to rise 0.3%, instead it fell 1.1%.

However, the commerce department revised May from +0.4% to plus 1.3%.

Here it is August, and we have wild revisions for May. Second-quarter GDP has already been reported. Because of timing issues (the report is very late) and continual massive revisions, I may throw this data series away as totally useless.

The whole chart smacks of nothing but noise.


The report itself is noise, but I do think a housing slowdown is underway.

  1. Housing Prices Hit "Breaking Point" Leading to Collapse in Demand
  2. Apartment Construction in 2018 Expected to Decline 11% After Strong 6-Year Run
  3. Existing Home Sales Decline Third Month Despite Rising Inventory
  4. Real Hourly Earnings Decline YoY for Production Workers, Flat for All Employees
  5. Housing Starts Unexpectedly Plunge 12.3% in June, Permits Down 2.2%

Mike "Mish" Shedlock

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 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 Weakness: Private Spending Down 0.5%, Government Up 2.0%

A surge in gov't spending kept construction spending in the green by 0.1%. Private spending is down and trending lower.

Construction Spending Accelerates

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

Construction Spending Declines Third Consecutive Month

Construction spending fell for the third month and fourth in five months. Also, September was revised lower.

Construction Spending Dips Slightly in July

Construction spending declined 0.1% in July. With major revisions being the norm, consider it flat.

March Construction Spending Unexpectedly Declined by 0.9%

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

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.

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.