U.S. construction spending probably reaccelerated in July

Stepped-up home-building activity in U.S., combined with an anticipated rebound in commercial outlays, likely boosted the nominal value of new construction put-in-place by 1.0% in July, after a modest 0.1% uptick in June and a 1.8% jump in May.

Given the Census Bureau's propensity to boost previously reported spending figures over the past three months, readers are informed to look very closely at revisions to May and June before drawing conclusions on this report, says Societe Generale. 

Nominal construction outlays in July is expected at 6.7% annualized above their April-June average, following a steamy 26.8% spring quarter again, adds SocGen.