Dive Brief:

• The Dodge Momentum Index slipped backward by 4.4% from June to July, coming in at 121.4 on a scale that uses the year 2000 as it's benchmark of 100.
• McGraw Hill Construction said the reversal was the first in four months, but it stressed that the number was 16.5% ahead of July 2013 and said the downward move might just be a slowdown in the post-winter rush of work in the spring.
• The Index is based on "first reports" of buildings being planned, and McGraw Hill said it can be a 12-month leading indicator of construction spending.

Dive Insight:

The July drop wiped out gains the Index made in May and June, but that is not a disaster when seen year-over-year. That, in turn, points to the danger of putting too much emphasis on one-month numbers for much data.