US construction spending fell 1.9% in September vs. a forecast 0.3% gain. Residential dropped 5.5% while data-center building hit a record $96.5bn. ISM manufacturing rose to 55.5, but supplier delays flatter the headline.
Isabelnet’s ISM series puts October’s 55.5 print as a tenth straight month of factory expansion, a beat versus 54.5 expected that ISM maps to about 2.7% annualized real GDP even as prices paid stay elevated. Source
Construction spending fell 1.9% in September to a $2.186tn seasonally adjusted annual rate vs. forecast +0.3% (previous: +2.0%, revised up from +0.9%), the Census Bureau reported. August's upward revision means the miss comes off a stronger base. One category went the other way. Data-center building hit a record $96.5bn, up 8.6% on the month and about 90% on the year, according to KPMG and ING.
