The Census Bureau's monthly report on construction spending disappointed the seers on Wall Street, coming in way below the consensus estimate of 0.5% growth. Harsh weather in the Northeast and Midwest during the month was likely a factor. The AP via Fox News reports:

U.S. construction spending dropped 1.7 percent in March, the biggest setback in 11 months, with weakness in a number of sectors including the biggest plunge in home building in nine years.

The March decline was the first monthly drop since last July and the biggest contraction since a 1.8 percent fall in April 2017, the Commerce Department reported Tuesday. Spending on residential construction was down 3.5 percent, the worst showing since a 4.2 percent decline in April 2009. ...

...In the construction report, the 3.5 percent drop in residential spending reflected a 2.7 percent fall in spending on apartment construction and a smaller 0.4 percent decline in single-family home construction. The decline in nonresidential construction reflected weakness in spending on construction of offices, shopping centers, hotels, health care facilities and factories.

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