US Construction Spending Drops 1.9% in September
Results missed market projections and marked a 2.7% annual decline for the sector
US construction spending reached 2.186 trillion dollars in September. This figure represents a 1.9% decline compared to revised August data. The performance defied analyst expectations that anticipated a 0.4% increase for the period.
On an annual basis, the sector saw a 2.7% contraction. The private sector was hit hardest with a 2.4% reduction in investments. Within this category, residential construction recorded a significant 5.5% monthly drop.
Non-residential projects showed a different trend by rising 1.1%. Meanwhile, public spending totaled 546.8 billion dollars and remained virtually flat with a negative variation of 0.1%. Specific sectors like education saw no changes while highways experienced a 0.3% decline.
This slowdown in American economic activity may heighten global risk perception. Weakness in core sectors could pressure the dollar and influence Bitcoin volatility amid uncertainties regarding US growth.
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