US construction spending rose by 0.4% in April, compared with a 0.3% increase expected in a survey compiled by Bloomberg and following a downwardly revised 0.2% increase in March.
Private residential construction rose by 0.8%, with single-family home construction increasing 1.4% and multi-family construction declining by 0.3%.
Private nonresidential construction fell by 0.2%, while public construction rose by 0.4%.
The S&P Global US manufacturing index for May was revised downwards to 55.1 from the flash reading of 55.3, compared with expectations for no revision in a survey compiled by Bloomberg as of 7:30 am ET.The May index stands above the 54.5 reading in April, indicating expansion. This is the highest reading since May 2022.S&P global noted an increase in production and new orders. The growth of output was faster than new orders.