April US construction spending -1.8% m/m vs +0.6% expected

• Worst reading since Jan 2011
• Prior was +0.3% (revised to +1.5%)

So spending missed by 2.4 percentage points but the prior was revised higher by 1.2 percentage points. That doesn't add up to a good number and it will be a drag on Q2 GDP. Expect to see updated trackers from the Atlanta Fed and New York Fed to reflect the big miss.