U.S. Construction Spending Falls, Fourth Quarter GDP Seen Revised Lower

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WASHINGTON (Reuters) – U.S. December as investment in both private and open public tasks fell, leading economists to expect that the government will trim its economic growth estimate for the fourth quarter. 1.5 trillion taxes lower and increased authorities spending ebbs. Trade tensions between your USA and China as well as slowing global economies are also hurting home activity. The construction spending report extended the run of weak December financial data, that has included retail sales, housing starts, home, and trade sales. “The report is in line with the U.S.

” said Steven Shields, an economist at Moody’s Analytics in West Chester, Pennsylvania. Construction spending declined 0.6 percent after an revised 0.8 percent increase in November. Economists polled by Reuters had forecast construction spending, rising 0.2 percent in December. Construction spending increased 1.6 percent on a year-on-year basis. Predicated on the building spending data, economists expect the government will pare its fourth-quarter gross domestic product estimate by at least one-tenth of a percentage indicate a 2.5 percent annualized rate. The federal government reported last Thursday that the economy grew at a 2.6 percent rate in the October-December period, slowing from the third quarter’s brisk 3.4 percent pace.

It is scheduled to publish revisions to the fourth-quarter GDP data at the end of the month. December reviews established the economy on the slower growth route in the first one-fourth The stream of soft. “We continue steadily to see a downside risk to our 1.5-percent growth forecast for the first quarter with much of the related regular monthly source data now reported through December,” said Daniel Silver, an economist at JPMorgan in NY.

In December, shelling out for private construction projects fell 0.6 percent after surging 1.3 percent in November. Investment in private residential projects tumbled 1.4 percent after rebounding 3.4 percent in November. The housing market has been weighed down by higher mortgage rates, expensive building materials as well as labor and land shortages. Spending on private nonresidential structures, which includes manufacturing and power plants, gained 0.4 percent in December after declining 1. On November 1 percent. Shelling out for nonresidential buildings contracted in both the fourth and third quarters. Investment in public areas construction projects fell 0.6 percent in December to an eight-month low after lowering 1. 0 percent in November. Spending on authorities construction projects plunged 2.2 percent after increasing 0.3 percent in November.

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