US construction spending fell -0.1% MoM (vs -0.1% MoM expected) and -2.8% YoY in July, the ninth straight monthly decline.

• Private construction spending dropped -0.2% MoM and -4.6% YoY, while public construction spending increased 0.3% MoM and 3.4% YoY.
• Residential construction increased 0.1% MoM but was offset by a -0.2% MoM drop in nonresidential construction.
• Commercial (-0.8% MoM) and manufacturing (-0.7% MoM) construction spending were the biggest losers.
• Private residential construction was only up 0.1% MoM, driven by private single-family construction up 0.1% MoM, offsetting a -0.4% MoM drop in multifamily construction.