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Construction Spending Rebounds in August. July Revised Lower
Total construction spending jumped in August but any optimism from the fresh data was offset by downward revisions to the prior month.rnrnThe construction sector improved by 0.8% in August, in contrast to expectations that it would fall 0.1%. But spending in July fell by a whopping 1.1% in the new estimates, compared to the original projection of -0.2%.rnrnWhat’s really going on in the market can’t be seen in the headline alone. The main trend is that residential housing is heading upwards, including a 4.7% gain in August. But non-residential and government construction on weighing heavily on the index. Non-residential activity
Pending Home Sales Up 12.4% From Last Year
Existing home sales could see a boost next month, according to an industry survey that looks at contracts that have been signed but not yet finalized.rnrnThe Pending Home Sales Index rose 6.4% in August to its highest level in more than two years. In the last 12 months signed contracts have advanced by 12.4%.rnrn“The rise in pending home sales shows buyers are returning to the market,†said Lawrence Yun, chief economist at the National Association of Realtors, who publish the report.
ISM Manufacturing Fails to Improve in September. Still in Positive Territory
A key index of nationwide manufacturing conditions remained positive for the second consecutive month in September, even though it failed to meet expectations for further improvement.rnrnThe ISM survey came in at 52.6, three-tenths lower than August’s score, but still indicating broad strength in the manufacturing sector.rnrn“While the rate of growth moderated slightly when compared to August, the recovery broadened as the number of industries reporting growth increased from 11 to 13,†said Norbert Ore, chairman of the Institute for Supply Management’s survey committee.
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