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November Construction Spending Disappoints; Remains Strong for Year
Monday, January 4, 2016
Both public and private spending on construction eased back
slightly in November. The Census Bureau
said on Monday that total construction spending in the U.S. during the month
was at a seasonally adjusted annual rate of $1,122.5 billion, an 0.4 percent
decline from the October rate of 1.127.0 billion. Spending was still well above a year earlier,
up 10.5 percent from the November 2014 pace of $1,016.1 billion.
The monthly number was wildly off of analysts' expectations of positive numbers ranging from 0.5 percent to 1.2 percent. The consensus reported by Bloomberg was an 0.7
percent gain.
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