The U.S. Census Bureau (in a delayed release) reported a slight decline in total construction spending for January 2026. Construction outlays were estimated at a seasonally adjusted annual rate of $2,190.4 billion, representing a 0.3% decrease from an upwardly revised December 2025 figure but a 1.0% increase compared with January 2025. Private construction spending fell 0.6% to $1,661.2 billion, reflecting a 0.8% decline in residential construction to $933.0 billion and a 0.4% decrease in nonresidential construction to $728.2 billion. Public construction spending rose 0.6% to $529.2 billion, supported by a 3.3% increase in highway construction to $148.5 billion, while educational construction edged down 0.2% to $114.1 billion. Residential and nonresidential activity both declined during the month, while public spending provided a partial offset, leaving overall construction activity slightly lower.

The March S&P Global US Manufacturing PMI® rose to 52.4 from 51.6 in February, marking an eighth straight month of improving factory conditions. Production growth accelerated as new orders posted their largest gain since October, supported by efforts to secure supply and pricing amid geopolitical tensions. Export demand stabilized after eight months of decline, with some easing in tariff-related pressures. Hiring remained cautious, with employment rising at its slowest pace in eight months as firms trimmed overhead. Input costs surged on war-driven energy prices, pushing selling price inflation to its highest level since August 2022. Despite these pressures, manufacturing confidence reached a 13-month high on expectations of stronger domestic demand, though broader uncertainty persisted as shipping disruptions extended supplier delivery times to their longest since October 2022.

The U.S. Department of Labor reported that initial jobless claims increased by 5,000 to a seasonally adjusted 210,000 for the week ending March 21, following an unrevised level in the prior week. The four-week moving average edged down 250 to 210,500. On an unadjusted basis, claims fell 2.6% week over week to 185,980 and remained below the 199,900 filings recorded in the same week last year. Seventeen states and territories reported higher initial claims, while thirty-six saw declines. For the week ending March 14, the insured unemployment rate was unchanged at 1.2%, while total insured unemployment decreased by 32,000 to 1.82 million, marking the lowest level since late May 2024. Continued claims across all state and federal programs totaled 2.13 million for the week ending March 7, declining from the prior week and slightly below year-ago levels, indicating labor market conditions remain broadly stable.