April construction spending hits new record, manufacturing activity up in May
The value of buildings put in place rose by 1.3 percent in April to a seasonally adjusted annual rate of $970.4 billion, the highest level on record, the U.S. Commerce Department reported.
In a second report, the Institute for Supply Management said its index of manufacturing activity rose to 62.8 in May, up from 62.4 in April.
The latest snapshot of manufacturing was better than economists were expecting. Analysts had forecast a reading of 61.5 for the month. May marked the 12th straight month that manufacturing expanded.
Any index reading above 50 indicates expansion, while one below 50 indicates that manufacturing activity is contracting.