FX.co ★ US Construction Spending Declines Further in June

The latest data reveals a concerning trend in the US construction sector, with spending continuing its descent through June. According to the recently updated figures on August 1, 2024, construction spending contracted by 0.3% month-over-month. This follows a previous decline in May 2024, where spending had already fallen by 0.1% from the month prior.

The continuous decline signifies a deepening challenge for the construction industry, which had already been on shaky ground. The month-over-month comparison, which contrasts spending changes between two consecutive months, highlights a consistent downward trajectory. The compounded decrease over these two months raises questions about the underlying factors influencing this sector, such as potential increases in material costs, labor shortages, or broader economic uncertainties.

Industry analysts and stakeholders are now closely monitoring this trend, keenly aware that persistent declines could have wider implications on the overall economic landscape. With the latest updates now available, all eyes are on the forthcoming months to see if any measures will be taken to reverse this decline.