10/4: MetroIntelligence Economic Update by P. DUFFY

August construction spending nearly flat from July, up 6.5 percent year-on-year

Construction spending during August 2018 was estimated at a seasonally adjusted annual rate of $1,318.5 billion, up 0.1 percent from July and 6.5 percent year-on-year. During the first eight months of this year, construction spending amounted to $862.0 billion, up 5.3 percent versus the same period of 2017.



September manufacturing index dips 1.5 points from August, tariffs cited as ongoing concern

The September PMI® registered 59.8 percent, a decrease of 1.5 percentage points from the August reading of 61.3 percent.  Demand remains robust, but employment resources and supply chains continue to struggle, but to a lesser degree. Respondents are again overwhelmingly concerned about tariff-related activity, including how reciprocal tariffs will impact company revenue and current manufacturing locations.



Factory goods orders rose sharply in August, up two of the last three months

New orders for manufactured durable goods in August increased 4.5 percent from July.  This increase, up two of the last three months, followed a 1.2 percent July decrease.