RCD: Total construction spending in June dipped 0.6%

Seasonally adjusted annual rates show that total construction spending in the U.S. in June dipped 0.6%. Money spent on nonresidential building construction was down 1.7%, and down 0.1% on residential construction, according to Reed Construction Data. "Given the overall economy's slow growth, employment has performed surprisingly well," writes Bernard Markstein, RCD's chief economist, but legislative battles relevant to financing federal government operations for the coming fiscal year and raising the debt ceiling will continue to be risks to economic growth in the future, he notes.

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