CONSTRUCTION SPENDING UP: Another strong gain in homebuilding pushed U.S. construction spending up in June for a third straight month. The government said construction spending rose 0.4 percent in June following an upwardly revised 1.6 percent gain in May, the biggest one-month increase since December.
THE BACKGROUND: The June advance pushed spending to a seasonally adjusted annual rate of $842.1 billion, up 12.9 percent from a 12-year low hit in February 2011. Still, the level is roughly half of what economists consider to be healthy.
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