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.