MNI:AUSTRALIA DEC UNEMPLOYMENT RATE +4.1%

* MNI:AUSTRALIA DEC UNEMPLOYMENT RATE +4.1% * MNI:AUSTRALIA DEC LABOR PARTICIPATION RATE +66.7% * MNI: AUSTRALIA DEC EMPLOYED PERSONS CHANGE 65.2K * MNI: AUSTRALIA DEC F-T EMPLOYED PERSONS CHANGE 54.8K

MNI: JAPAN DEC EXPORTS +5.1% Y/Y; NOV +6.1%

* MNI: JAPAN DEC EXPORTS +5.1% Y/Y; NOV +6.1% * JAPAN DEC EXPORTS POST 4TH STRAIGHT Y/Y RISE * JAPAN POSTS JPY105.7 BLN TRADE SURPLUS IN DEC

US DATA: Atlanta Fed GDPNow Back Above 5.4% On Residential Construction Upgrade

The Atlanta Fed's GDPNow estimate for Q4 returned to the 5.4% handle Wednesday after this morning's construction data, at 5.41% Q/Q SAAR after 5.27% prior. * As previously noted the improvement is due largely to the September/October construction figures: GDPNow estimates upgraded Q4 residential construction growth - in real terms - to -1.0% Q/Q SAAR vs -5.7% in its prior estimate, but nonresidential structures pulled back to -1.9% from -0.4%. (Residential posted -5.2% and nonresidential -6.3% in Q3). * GDPNow last exceeded 5.4% for the quarter on Jan 8 after monthly trade data. On net the latest estimate still implies final domestic demand (ex-net exports/inventory changes) growing at a more typical 2-3% clip, but still solid growth. Source: Atlanta Fed

US DATA: Construction Momentum Softening Amid Month-To-Month Volatility

Construction spending returned to growth in October after a soft September, in delayed 2-month data that showed a pickup in growth at the start of Q4 but overall softening momentum. * After 0.4% M/M seasonally-adjusted, annualized growth in August, September saw a 0.6% contraction which was largely reversed with October's 0.5% rise. The 3M/3M annualized growth in construction has slowed from 3.3% to 2.9% to 2.4% over those 3 months, driven by a slowdown in overall private sector construction. * In turn that's on the back of volatile residential construction (which saw its best month in 17 months in October after a sharp contraction in September) plus a continued contraction in manufacturing construction (contracting in October at 12% on a 3M/3M basis). Public sector construction is gradually slowing but rose by 5%+ 3M/3M for the 6th consecutive month in October (5.1%). * These are in value and not volume terms so a pickup in input costs could be at play here, with the real figures being weaker than this. Indeed the Atlanta Fed's GDPNow estimates upgraded Q4 residential construction growth - in real terms - to -1.0% Q/Q SAAR vs -5.7% in its prior estimate, but nonresidential structures pulled back to -1.9% from -0.4%. (Residential posted -5.2% and nonresidential -6.3% in Q3). These are still negative in real terms, in other words. * On another note - data center construction growth, still an overall upside driver, is coming back to earth. It posted its softest 3M/3M growth since 2022 in October, having been a major driver of nonresidential construction over the last few years. This has become a key category: it's now 8% of nonresidential private sector construction, vs closer to 2% in 2022. * The November report release date is still to be determined by the Census Bureau.