U.S. factory activity jumps, construction spending unchangedStaff Writer | July 3, 2017
U.S. factory activity jumped in June suggesting economic growth in the second quarter gained some steam, while construction spending held steady in May.
America The Institute for Supply Management
A reading above 50 in the ISM index indicates an expansion in manufacturing, which accounts for roughly 12 percent of the overall U.S. economy.
The ISM survey's new orders sub-index rose to 63.5 in June from 59.5 the prior month. A measure of factory employment increased to a reading of 57.2 from 53.5 in May.
U.S. construction spending unexpectedly remained flat in May but federal government outlays on construction projects were the highest in more than four years.
The Commerce Department said on Monday that construction spending in May remained unchanged at $1.23 trillion. Spending in April was revised to show it declining 0.7 percent after a previously reported 1.4 percent fall. ■