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Daily Roundup of Key US Economic Data for June 1

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The ISM manufacturing index rose to 54.0 in May from a 52.7 level in April, led by gains in the index readings for new orders, employment and production, while the prices paid measure declined.

The S&P Global manufacturing PMI was revised lower to 55.1 in May from the flash estimate of 55.3 but above the 54.5 reading in April.

Both the ISM and S&P Global manufacturing readings were at four-year highs.

Construction spending rose by 0.4% in April after a 0.2% gain in March. Private residential construction increased by 0.8%, with single-family construction up 1.4%, multi-family construction down 0.3% and remodeling activity up 0.4%.

Private nonresidential building fell by 0.2% and public construction rose by 0.4%.

The Q2 GDP nowcast estimate from the Atlanta Fed is for a 3.0% gain, revised down from the previous estimate of a 3.8% gain.

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