U.S. Construction Slows as Tariff Concerns Rise
April marked the second straight month of factory activity slowing, as President Trump’s aluminum and steel tariffs took effect.
In the past year, wages grew at their fastest pace in the past 11 years and inflation trended upwards. All the while, factory activity dropped to 57.3. A a reading above 50 indicates growth. In March, President Trump imposed a 25% tax on steel and a 10% tax on aluminum. Around the same time in April, factory employment dropped as capacity constraints tightened the market.
During March, the U.S. also experienced the biggest drop in home building renovations and private construction investment. Construction spending dropped by 2.1% in the same month, which marks its lowest drop since January 2011. A senior economist at Moody’s said, “It supports our view that the Fed will raise interest rates three additional times this year.”
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