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Construction in New York. Photo: John Lamparski/SOPA Images/LightRocket via Getty Images

Outlays for construction projects fell 0.7% in June, the fourth straight month spending outlays have fallen, according to the Commerce Department.

By the numbers: Residential construction fell 1.5%, while spending on public construction projects dropped 0.7%.

Yes, but: Construction spending overall is still up from its 2019 levels — one of the few industries that has held up dollar for dollar from its 2019 numbers through the coronavirus pandemic.

  • Even after four straight months of declines, spending is up 0.1% from where it was in June 2019.
  • And construction spending at the end of June was 5% higher than it was through the first six months of 2019.

Go deeper

Dion Rabouin, author of Markets
Oct 21, 2020 - Economy & Business

Why the stimulus delay isn't a crisis (yet)

Illustration: Aïda Amer/Axios

If the impasse between House Speaker Nancy Pelosi and the White House on a new stimulus deal is supposed to be a crisis, you wouldn't know it from the stock market, where prices continue to rise.

  • That's been in no small part because U.S. economic data has held up remarkably well in recent months thanks to the $2 trillion CARES Act and Americans' unusual ability to save during the crisis.
56 mins ago - World

Putin foe Navalny to be detained for 30 days after returning to Moscow

Russian opposition leader Alexey Navalny. Photo: Oleg Nikishin/Epsilon/Getty Images

Russian opposition leader Alexey Navalny has been ordered to remain in pre-trial detention for 30 days, following his arrest upon returning to Russia on Sunday for the first time since a failed assassination attempt last year.

Why it matters: The detention of Navalny, an anti-corruption activist and the most prominent domestic critic of Russian President Vladimir Putin, has already set off a chorus of condemnations from leaders in Europe and the U.S.

Biden picks Warren allies to lead SEC, CFPB

Photo: Justin Sullivan/Getty Images

President-elect Joe Biden has selected FTC commissioner Rohit Chopra to be the next director of the Consumer Financial Protection Bureau (CFPB) and Obama-era Wall Street regulator Gary Gensler to lead the Securities and Exchange Commission (SEC).

Why it matters: Both picks are progressive allies of Sen. Elizabeth Warren (D-Mass.) and viewed as likely to take aggressive steps to regulate big business.