Housing Sector May Recover

Construction spending rose for the second time in three months in June as residential building increased and government-funded infrastructure projects jumped.

The report provides fresh evidence the housing sector may be recovering, while the rise in government spending was partly due to the Obama administration's $787 billion stimulus package, economists said, The Associated Press reports.

Meabwhile, measures of manufacturing and construction activity showed improvement, although the news on employment continued to be grim.
The Institute of Supply Management reported that overall manufacturing activity contracted in July but at the slowest rate in 11 months, Chicago Tribune reports.

However, the 0.3 percent increase to $965.7 billion followed a revised 0.8 percent drop the prior month, according to data from the Commerce Department today in Washington. Private residential projects rose for the second time in three months and spending by the Federal government increased by the most this year , Construction Equipment reports

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