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US Building Spend Falls
U.S. construction spending fell 1.9% in September, after rising 2% in August, defying economists’ expectations for a 0.3% increase. The decline came amid indications that higher building-material costs had weighed on home-renovation spending. Investment in residential projects fell 5.5% during the month, while construction spending was down 2.7% year over year. Meanwhile, the average rate on a 30-year fixed-rate mortgage has risen by at least 125 basis points since the war broke out in late February.
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