P.M. BRIEFING : Construction Spending Steady
Construction spending was unchanged in September after surging ahead a month earlier, the government said today.
The Commerce Department said residential, non-residential and government construction spending totaled a seasonally adjusted annual rate of $415.6 billion in September.
Total spending had risen 1.5% in August after falling 1.8% in July and 0.8% in June. The August surge was due to a strong 5.3% increase in government building and a 2.9% gain in non-residential construction.
The construction industry has been among the sectors of the economy hardest hit by the Federal Reserve’s campaign to keep inflation in check.
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