There was a 1.1 percent decline in spending on construction in February vs. January, the Census Bureau just reported. But spending was still 5.8 percent above the level of February 2011.
According to the bureau, spending on home construction was unchanged in February from the month before. Public construction spending was down 1.7 percent.
The morning’s other economic indicator: “Economic activity in the manufacturing sector expanded in March for the 32nd consecutive month,” the Institute for Supply Management said. It added that of the 18 manufacturing industries it tracks, “15 are reporting growth in March.”