The AVP Pulse Index is down -0.6% for the month, but still up +2.2% year-over-year and +8.2% over the past 36 months. But these positive Yearly and 36-Month measures are rapidly shrinking, because in the last quarter, the Index was up +4.2% year-over-year, and +10.5% over the prior 36 months. This clearly means the gains in the Index are shrinking with no sign of relief for the overall construction economy on the horizon. As I said last quarter, “… in a cautionary note, we do not expect the monthly results will change their downward drift for the foreseeable future, so expect the Index to continue to point downhill until we see changes in current policy.” Three months on since I wrote that, nothing has changed – except that consumer sentiment is starting to recover if last month’s readings are any indicator.