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Economy in Brief
Delay in Release
of Data for Construction, MSIO, Intl Trade, Wholesale Trade, Monthly Treasury, Retail Sales, Business Sales & Inventories, and Housing Starts Due to Lapse in Federal Government Funding.
U.K. Retail Sales Begin to Lose Momentum
U.K. retail sales fell by a sharp 1% in December...
Philadelphia Fed Manufacturing Index Rebounds; Pricing Pressure Eases
The Philadelphia Fed reported that its General Factory Sector Business Conditions Index increased to 17.0 during January...
U.S. Initial Unemployment Insurance Claims Slip
Initial claims for jobless insurance eased to 213,000 (-2.6% y/y) during the week ended January 12...
Passenger Car Registrations Hold to Low Ground in Europe
Passenger car registrations in Europe fell on a year-over-year comparison for the fourth consecutive months in December...
by Tom Moeller March 1, 2012
After several months of strong increase, construction spending slipped in January. The 0.1% decline followed a 1.4% December rise and a 1.9% November gain that was revised up sharply. Gains in the Summer also were solid. Consensus expectations were for a 0.8% January increase and the level of activity was at its highest since December 2009.
Private sector spending slipped marginally due to a 1.5% decline (+16.6% y/y) in nonresidential building. Residential building rose 1.8% (6.7% y/y) as single-family construction increased 2.5% (5.5% y/y) and multi-family rose 0.7% (20.0% y/y). The value of spending on improvements increased 1.3% (6.4% y/y). The value of public sector building activity slipped 0.2% in January but the y/y decline stabilized at -0.5% following the worst comparison of -8.3% this past Summer.
The construction put-in-place figures are available in Haver's USECON database. The expectations figure is contained in Haver's AS1REPNA database.
| Construction Put in Place (%) | Jan | Dec | Nov | Y/Y | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|---|---|
| Total | -0.1 | 1.4 | 1.9 | 7.1 | -1.7 | -11.3 | -15.3 |
| Private | -0.0 | 1.8 | 1.6 | 11.7 | 1.0 | -15.2 | -22.4 |
| Residential | 1.8 | 1.5 | 2.3 | 6.7 | -0.7 | -2.9 | -29.9 |
| Nonresidential | -1.5 | 2.1 | 1.0 | 16.6 | 2.5 | -24.0 | -16.0 |
| Public | -0.2 | 0.7 | 2.3 | -0.5 | -6.0 | -3.9 | 2.1 |
