“Until we see it in the numbers, it’s hard to say how one would react,” added Powell.
The unchanged figure in construction spending for September was reflected in a slide in spending on government projects. The trade wars have placed higher costs on land, labor and lumber, discouraging builders to undertake new projects, but U.S. President Donald Trump’s latest tweet could change things.
President Trump tweeted on Thursday that he “just had a long and very good conversation with President Xi Jinping of China,” signaling that trade negotiations with the second largest economy are moving forward positively. President Trump also mentioned that continued discussions will take place at the G-20 Summit.
Just had a long and very good conversation with President Xi Jinping of China. We talked about many subjects, with a heavy emphasis on Trade. Those discussions are moving along nicely with meetings being scheduled at the G-20 in Argentina. Also had good discussion on North Korea!
— Donald J. Trump (@realDonaldTrump) November 1, 2018