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Consumer spending, construction up more than expected in August
Published in Saudi Press Agency on 28 - 09 - 2007


Americans shrugged off a rash of bad
news to spend more than expected in August while a key
measure of inflation eased to the slowest pace in 3 1/2
years. Construction activity also rose above expectations, according to AP.
The Commerce Department reported Friday that consumer
spending rose by 0.6 percent in August, the best showing in
four months and better than the 0.4 percent increase that
had been expected. Incomes rose by 0.3 percent, slightly
lower than had been expected.
A closely watched gauge of inflation was up just 1.8
percent in August, compared to the same period a year ago,
the smallest increase since a similar rise in February
2004.
In another report, construction spending posted a
surprising 0.2 percent gain in August as strength in
non-residential construction offset a continued plunge in
home building. Analysts had been forecasting that overall
construction spending would fall by 0.2 percent.
The Commerce Department said the increase pushed total
spending to a seasonally adjusted annual rate of $1.166
trillion (¤820 billion) and reflected a 2.3 percent rise in
spending on office buildings, shopping centers and other
non-residential projects, the biggest increase in this
category in six months.
Spending on home building fell by 1.5 percent, the 18th
straight drop in this area, with more weakness expected in
coming months as builders scramble to cut back production
in the face of slumping sales and a record number of unsold
homes.


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