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