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Construction remains flat

August construction spending came in higher than expected (+1.4% vs. -0.2%), but that was only good enough to keep overall construction spending roughly flat for most of this year. Not much happening here, and the residential sector continues to represent a minuscule 2% of the total economy, about one-third of what it was in 2005. The best we can say is that there appears to have been no further deterioration in the construction sector.

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