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Construction Spending, Not So Good

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As if we needed any more verification that things are in the shitter, the Commerce Department, today, reported a 1.7 percent decline in construction spending for the month of January. That is apparently the largest drop since January 1994. Furthermore, the tough credit market is denying sweet, sweet credit to potential home buyers, resulting in a glut of unsold homes dotting the landscape. Tough times, kids. [MSNBC]