US Construction Spending Gains Traction

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The U.S. Commerce Department reported on Sep 4 that domestic construction spending picked up in the month of July. Such an increase was achieved on the back of a spike in homebuilding activity as well as construction of publicly funded schools and highways. Although the metric came in below expectations, it showed a steep rise on a year-over-year basis. This points to the fact that construction activity in the United States remained largely unperturbed by increasing geopolitical tensions.

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Source: Nasdaq