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Forex News Preview: US Construction Spending due to be released at 10:00 AM EDT

Posted by Greg Michalowski on Tue, 07/01/2008 - 7:07am in

The US Construction Spending for the month of May will be released at 10:00 AM EDT.   Last month the change in spending fell by 0.4%.  This was the 7th month in a row when the index showed a decline or was unchanged.  Tighter credit and low demand for housing has builders very cautious about starting any new projects.  Residential Construction fell 2.3% last month after a 3% decline the previous month.  Non Residential Construction is giving some relief having risen for 3 straight months.   

This month the string is expected to be extended.  Construction Spending for May is expected to show a 0.6% decline. 

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