April construction spending hits new record, manufacturing activity up in May
U.S. construction spending registered its best month on record in April and manufacturing activity expanded in May. Both reports are viewed as continuing evidence of the economy's momentum heading into the summer months.
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.