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Construction Spending Declines In June, Religious Construction Leads (Fed May Raise Rates Faster Than Thought)

This is a syndicated repost published with the permission of Confounded Interest. To view original, click here. Opinions herein are not those of the Wall Street Examiner or Lee Adler. Reposting does not imply endorsement. The information presented is for educational or entertainment purposes and is not individual investment advice.

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%.

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The biggest gainer? Religious construction.

Here are residential and nonresidential spending on a YoY basis.

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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.

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NY Fed’s William Dudley, aka The Dudster.

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