USA Construction Spending (MoM) For July -0.3% Vs 0.1% Est.; -0.3% Prior
Portfolio Pulse from Benzinga Newsdesk
The USA construction spending for July decreased by 0.3%, missing the estimated increase of 0.1% and matching the prior month's decrease of 0.3%.
September 03, 2024 | 2:00 pm
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NEGATIVE IMPACT
The SPDR S&P 500 ETF (SPY) may experience a slight negative impact due to the unexpected decline in USA construction spending for July, which fell by 0.3% against an expected rise of 0.1%.
The decline in construction spending suggests a potential slowdown in economic activity, which could negatively impact the broader market represented by SPY. However, the impact is likely to be moderate as construction is just one sector of the economy.
CONFIDENCE 80
IMPORTANCE 40
RELEVANCE 50