- November construction spending averaged $89.9 billion.
- October construction spending averaged $90.4 billion.
- Q3 monthly construction spending averaged $89.9 billion.
It seems to me that Q4 may well finish with more NOMINAL construction spending than Q3. Construction is also cheaper in Q4 than in Q3 --> more REAL construction in Q4 than in Q3.
Can someone explain to me where I can see this fall's credit crisis depress real aggregate activity? I don't see it in real payrolls (more on that Wednesday), real proprietor's income (more on that Thursday), or real construction spending.
The whole justification of the $700 billion bailout reminds me of the supposed WMD in Iraq -- scary but nonexistent. A payoll collapse, small business collapse, and construction collapse were somehow all prevented without the $700 billion.