Bad news overall for the U.S. economy and mostly due to weak construction spending and weak home sales, according to a report Wednesday by Reuters News Service.
According to the report, U.S. manufacturing growth “came close to stagnating” last month and experts are saying this downturn is housing led.
Figures reported by Reuters are telling: “U.S. construction spending fell 0.3 percent in September led by a sixth straight monthly drop in private residential building. Pending sales of existing homes dropped 1.1 percent.”
“The broader economy is now slowing, and slowing sharply, one senior economist tells Reuters.
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It looks like we are stalling out accross the board. Hopefully with the continued low rates the low cost of funds will jump start the economy again.
RW
4MySales.com
Who would ever have thought that real estate building and buying/selling would be THE key to the US economy? And that sub-prime lending problems could help cripple our economy? As a pure investor seeking a gain, I’ve found that investing in UK Land is a safer bet. And the strength of their economy doesn’t depend soley on their real estate market.