Even more than a drop in construction, however, economists have worried about the effects of falling housing prices on consumer spending.
ECONOMIST: Grounds for cautious optimism about America's economy
"Manufacturing had led growth and construction had lagged, " JPMorgan Chase economists said last week.
The Commerce Department reported that construction of new homes jumped by more than economists had expected to the highest level since the financial crisis.
Construction Spending unexpectedly slipped in January versus the consensus forecast of economists for another increase.
Outside economists criticized the report for counting government-funded construction spending, and for assuming London could have any higher of a profile on the world stage than it did before the games.
Economists in Thailand suggest reviving plans for a gargantuan construction project digging a hole through the isthmus in southern Thailand (not quite pure Keynes: the hole would not be filled in, but form a canal tunnel linking the Pacific and Indian oceans).
Among other issues, more economists now believe the Obama administration should approve the construction of the Keystone XL pipeline, which would transport oil from Canada to refineries on the Gulf Coast of the U.S. The percentage supporting such a plan grew to 78 percent in the latest poll, up from 69 percent previously.
On Wednesday, a reading of home-builder sentiment rose to a near five-year high, and the Commerce Department said Thursday that home construction last month increased 10% from a year earlier, topping economists' expectations.
This index fell by six points in May to 45, its lowest since 1995. (A score below 50 suggests that more builders reckon the market is poor than think it good.) Economists at Goldman Sachs estimate, from the fall in the homebuilders' index, that construction will fall at an annual rate of 10-15% in the next four quarters.
ECONOMIST: America's housing market is losing its effervescence
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