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US construction spending declined in the month of June by -0.6%. Residential spending was flat, with office and lodging spending up 0.6%. Manufacturing spending was down -4.5%.
The biggest gainer? Religious construction.
Here are residential and nonresidential spending on a YoY basis.
And with New York Fed President Dudley saying that the Federal Reserve may hike interest rates faster than the market expects, I suspect that the religious construction may be for members of the Fed Open Market Committee (FOMC). Like the last time The Fed raised rates quickly.
NY Fed’s William Dudley, aka The Dudster.