Construction spending unexpectedly fell in June, a possible sign that government budget cuts and a sharp rise in interest rates were weighing on the economy.
Construction spending dropped 0.6 percent to an annual rate of $884 billion, the Commerce Department said on Thursday.
It was the biggest decline since January, although the government revised upwards its estimate for construction spending in May.
You know what would truly be unexpected? Any evidence that this economy could sustain a healthy rate of growth for two or three months in a row. The easiest thing to expect now is news that the minor upward bumps have been erased and we’re back to the neighborhood surrounding Square One again. Anyone who truly finds news like this to be surprising should probably be checked into a hospital to undergo observation for head trauma.