Commerce: US Construction Spending Data Reported Erroneously for 10 Years

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A major error has caused the Commerce Department to revise data going back 10 years and Saudi Arabia has cut oil prices to Europe in the prelude to what might be a price war with Iran.

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The US Department of Commerce revised its construction spending data going back 10 years because of an error in processing population data yesterday

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The new numbers are expected to increase US GDP for 2014 and 2015. The original reports apparently understated construction spending’s net increase — but when the revisions are considered, the reports appear to overstate the month-over-month rate of change, causing most of 2015’s month-by-month numbers to be overstated.

Commerce revised data back to January 2005 to correct an error in the tabulation of private home-improvement spending.

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Saudi Arabia on Tuesday sharply cut crude oil prices in Europe, a move that could undercut Iran as sectarian tensions escalate between the rival Middle Eastern nations.

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The Saudi move appears to pave the way for a competition over European oil markets later this year when Iran is expected to increase its exports after the expected end of western sanctions over its nuclear program.

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