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Economy in Brief
German Trade Data Tell a Tale of Two Germanys
Germany's October trade report is better than expected...
U.S. Nonfarm Payroll Growth Rebounds; Wages Firm & Jobless Rate Eases
The labor market firmed during November...
U.S. Consumer Credit Usage Accelerates
Consumer Credit Outstanding increased $18.90 billion (4.8% y/y during October...
U.S. Wholesale Inventories Edge Up While Sales Slump
Wholesale inventories edged up 0.1% m/m (+3.8% y/y) in October...
U.S. Trade Deficit Shrinks as Imports Fall Sharply
The U.S. trade deficit in goods and services declined to $47.20 billion during October...
by Tom Moeller January 5, 2004
The value of total construction put in place jumped 1.2% (7.4% y/y) in November. A 0.5% rise was expected. On average, construction spending has risen 1.2% in each of the last six months.
Private residential building activity surged 2.0%. Single family home building spurted 2.9% in November (20.0% y/y).
Commercial construction managed a 0.4% gain following two months of sharp decline (+1.4% y/y but education spending fell 0.8% (-2.1% y/y). Office construction, up 1.3%, posted the fourth strong consecutive monthly gain (-4.2% y/y).
These more detailed categories represent the Census Bureaus reclassification of construction activity into end-use groups. Finer detail is available for many of the categories; for instance, commercial construction is shown for Automotive sales and parking facilities, drugstores, building supply stores, and both commercial warehouses and mini-storage facilities. Note that start dates vary for some seasonally adjusted line items in 2000 and 2002 and that constant-dollar data are no longer computed.
Construction Put-in-place | Nov | Oct | Y/Y | 2002 | 2001 | 2000 |
---|---|---|---|---|---|---|
Total | 1.2% | 1.1% | 7.4% | 1.1% | 2.7% | 8.3% |
Private | 1.2% | 1.4% | 8.3% | -0.2% | 1.4% | 8.0% |
Residential | 2.0% | 2.2% | 14.1% | 8.6% | 3.3% | 7.4% |
Nonresidential | -2.1% | 1.6% | -3.6% | -13.0% | -1.3% | 8.9% |
Public | 1.2% | 0.8% | 6.6% | 5.3% | 7.4% | 9.5% |