Construction Spending & ISM
Summary: The housing debacle continues to ripple through the economy as construction spending declines to a 14 year low.
Consumers spend less and factory production goes into contraction.
If you think its ugly now, just wait for the service sector and employment to collapse.
Construction Spending Jan -1.7% vs prior -1.1% Full Report
Inside the number: The lowest level since 1994. YOY -19.4%; Private Construction -2.2%; YOY -6.4%; Private Residential Construction -3%; YOY -19.7%;
Public Non Residential Commercial Construction YOY -13.5%; Private Residential Multi Unit -1.7%; YOY -18.6%; Single Family Home -5.2%; YOY -32.1%
ISM Index Feb 48.3 vs prior 50.7 Full Report
Inside the number: Readings below 50 indicate contraction, the fastest pace of decline since 2003.
New orders contracting 49.1 vs 49.5, production slowing 50.7 vs 55.2.
Supplier deliveries slowing 50.1 vs 52.8; employment contracting 46 vs 47.1; prices growing 75.5 vs 76
Consumers spend less and factory production goes into contraction.
If you think its ugly now, just wait for the service sector and employment to collapse.
Construction Spending Jan -1.7% vs prior -1.1% Full Report
Inside the number: The lowest level since 1994. YOY -19.4%; Private Construction -2.2%; YOY -6.4%; Private Residential Construction -3%; YOY -19.7%;
Public Non Residential Commercial Construction YOY -13.5%; Private Residential Multi Unit -1.7%; YOY -18.6%; Single Family Home -5.2%; YOY -32.1%
ISM Index Feb 48.3 vs prior 50.7 Full Report
Inside the number: Readings below 50 indicate contraction, the fastest pace of decline since 2003.
New orders contracting 49.1 vs 49.5, production slowing 50.7 vs 55.2.
Supplier deliveries slowing 50.1 vs 52.8; employment contracting 46 vs 47.1; prices growing 75.5 vs 76
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