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Construction spending in the United States remained upbeat during the month of December, coming in above what markets had initially anticipated. Also, gross domestic product (GDP) estimates during the fourth quarter rose, following this.
US construction spending rose 0.9 percent m/m in November, coming in above expectations of 0.5 percent. October construction spending growth was also revised modestly higher, to 0.6 percent from 0.5 percent.
In terms of details, private spending rose 1.0 percent on the month (previous: 0.1 percent) amid a rebound in non-residential spending, which increased 0.9 percent m/m after having contracted in October.
Private residential investment, meanwhile, rose 1.0 percent m/m (previous: 1.6 percent), led by firm growth in single-family residential construction (1.8 percent), in line with other housing sector start and permit data.
Private multi-family residential construction declined 2.7 percent on the month, following three consecutive months of positive growth. Total public construction increased 0.8 percent m/m (previous: 2.2 percent), registering gains at both the federal and state levels.
Stronger-than-expected incoming data on wholesale inventories and construction spending more than offset the negative information on trade. Wholesale inventories point to stronger inventory accumulation in the quarter, while November construction spending data boosted our tracking estimates for structures and state and local spending.
"Altogether, our Q4 GDP tracking estimate now stands at 2.1 percent, up one-tenth from our last estimate," Barclays commented in its recent research report.
Meanwhile, the dollar index traded at 103.32, up 0.08 percent, while at 6:00GMT, the FxWirePro's Hourly Dollar Strength Index remained neutral at 22.56 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
