USA Construction Spending (MoM) For May -0.1% Vs 0.3% Est.; 0.3% Prior (Revised)
Portfolio Pulse from Benzinga Newsdesk
USA Construction Spending for May decreased by 0.1%, missing the estimated 0.3% increase and down from the revised 0.3% in April.
July 01, 2024 | 2:00 pm
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NEGATIVE IMPACT
The SPDR S&P 500 ETF (SPY) may see a short-term impact due to the unexpected decline in USA Construction Spending for May, which fell by 0.1% against an estimated increase of 0.3%.
The decline in construction spending indicates potential weakness in the construction sector, which could negatively affect the broader market sentiment and, consequently, the SPDR S&P 500 ETF (SPY).
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50