U.S. construction spending jumped more than expected in October as outlays rose across the board, suggesting the economy remains on firmer ground, an article in Reuters said.
According to the article, construction spending increased 1% to a seasonally adjusted $1.11 trillion rate, marking the highest level since December 2007.
Construction spending has risen every month this year and is likely to support the economy in the final three months of the year as it deals with the headwinds of a strong dollar and spending cuts by energy firms, which have undermined manufacturing. Frugal consumers are also holding back growth.
