Construction Spending Reportedly Down 1.1%, Reality Is Simply Noise

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Construction spending in June fell 1.1%. Volatility and revisions remain the norm.

Of all the noisy reports, construction spending is the worst. Econoday economists expected spending to rise 0.3%, instead, it fell 1.1%.

However, the commerce department revised May from +0.4% to plus 1.3%.

Here it is August, and we have wild revisions for May. Second-quarter GDP has already been reported. Because of timing issues (the report is very late) and continual massive revisions, I may throw this data series away as totally useless.

The whole chart smacks of nothing but noise.