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US Construction Spending Crashes Into Contraction For First Time In 5 Years

For the first time in 5 years, US construction spending fell YoY in August. The 2nd monthly drop in a row and large downward revisions reduced construction spending to its weakest since 2015. Public construction spending dropped considerably more than private, with highway construction tumbling. This is the biggest drop in over 5 years... At a time when seasonally, construction spending has picked up.
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