by Mike ‘Mish’ Shedlock
Construction spending rose 0.3%, less than the Bloomberg Econoday consensus estimate of 0.5%.
However, Last month was revised up from -0.5% to +1.0%.
Ready to cheer? Not so fast. January was revised from +2.1% to -0.3%.
Home sales may be puttering along but construction spending nevertheless remains one of the strongest reports on the calendar. Construction spending did inch 0.3 percent higher in March, which is lower than expected, but February is now revised sharply higher, from a 0.5 percent decline to a 1.0 percent gain. Gains for March and February are positives for near-term momentum though they are offset by a sharp downward revision in January to minus 0.3 percent from plus 2.1 percent.