USA Construction Spending (MoM) For February -0.3% Vs 0.7% Est.; -0.2% Prior
Portfolio Pulse from Benzinga Newsdesk
USA Construction Spending for February decreased by 0.3% month-over-month, underperforming against the estimated 0.7% increase and also lower than the previous month's -0.2%.
April 01, 2024 | 2:01 pm
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The decrease in construction spending could signal a slowdown in the construction sector, potentially impacting the broader economy and influencing the SPY ETF.
Construction spending is a key economic indicator. A decrease suggests a potential slowdown in the construction sector, which can have ripple effects on various industries and the overall economy. Given SPY's composition reflecting the broader market, negative economic indicators like this could lead to bearish sentiment among investors, potentially impacting SPY's performance in the short term.
CONFIDENCE 75
IMPORTANCE 70
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