US construction spending growth disappoints, but manufacturing orders are on the up

US construction spending has risen by 0.5 in May, up from 0.1 per cent last month (revised from 0.4 per cent). Analysts had expected a rise of 0.6 per cent.

The Institute for Supply Management (ISM) released survey data for the manufacturing sector, showing an improvement in June. The purchasing manager's index rose from 49.0 to 50.9, implying that the sector is now expanding (any number above 50 implies expansion). Analysts had predicted a rise to 50.5.

Released earlier, Markit's manufacturing PMI fell to 51.9.