Floyd Norris, in The New York Times, reports that construction is primarily responsible for slow employment growth.
Meanwhile, Craig Torres and Ilan Kolet report in Bloomberg that “investment in software is up 19 percent since the 2007 business-cycle peak, while…investment in non-residential structures…is down 18 percent since the fourth quarter of 2007. Spending on equipment…is up just 2.2 percent, according to data from the Bureau of Economic Analysis. Spending on information processing equipment is up 3.9 percent since the 2007 business cycle peak.”
They note that this “suggests business spending may be less responsive to interest-rate policies,” since software is “typically financed…on a month-to-month subscription basis, making the cost of borrowing less likely to influence the decision.”