WASHINGTON — Construction spending dropped by a seasonally adjusted 0.7% in January as the level of private nonresidential spending hit the lowest level in more than six years, the Commerce Department reported Tuesday.
Total construction spending for December was revised higher to a drop of 1.6%, up from the 2.5% decline reported last month.
Economists expected spending to drop 0.4% for the month, according to the median estimate from Thomson Reuters.
A combination of a "stronger-than-expected economy, higher Treasury rates, robust supply, and rich valuations resulting in choppy markets" have made the trading environment in H124 "quite difficult," according to Barclays.
Two rating agencies upgraded Los Angeles Unified School District's bond ahead of multi-billion dollar refunding.
The Basel III Endgame proposal to restructure capital holding levels comes under fire.
Friday price talk for the unrated tax-exempt paper was between 11% and 15%.
The board approved that step at its second quarter board meeting held this week.
The Inflation Reduction Act, affordable housing and clean energy were among the topics discussed at Baker Tilly's DevelUP conference in Chicago this week.
