Construction labor

July construction spending fell 3.8% y/y and input costs held at 7.1% — double the 3.5% rise in bid prices — as backlog slipped to 8.0 months and September Fed-hike odds jumped toward 60%.

Diesel added 39.5¢ in two weeks, construction wages decoupled to +5.2% while the private sector cooled, and ground-up credit is the one CRE category still tightening; a September cut is now unpriced.