Business News

U.S. construction spending surged in April to the highest level in nearly 6-1/2 years as outlays increased broadly, pointing to some pockets of strength in the economy. Construction spending jumped 2.2% to an annual rate of $1.0 trillion, the highest level since November 2008. The percent increase was the largest since May 2012. (Reuters)

The pace of U.S. manufacturing growth rose in May, rebounding off its slowest pace in almost two years as new orders and employment rebounded. The Institute for Supply Management (ISM) said its index of national factory activity was 52.8 in May. A figure above 50 indicates expansion in the manufacturing sector. This was the 30th consecutive reading at or above 50. (Reuters)

The employment index returned to expansionary territory after a month of contraction, rising to 51.7 from 48.3 in April. The new orders index had its best month since December, rising to 55.8 from 53.5 in April, while the prices paid index had its best month since October, surging to 49.5 from 40.5 in April. (Reuters)

Bank of America got a win as the Supreme Court ruled that homeowners cannot erase second mortgages through bankruptcy if the homeowners are “underwater, “or, their first mortgage exceeds the home’s current value. The unanimous decision reversed an 11th Circuit ruling that homeowners in Chapter 7 bankruptcy could “strip off” a second mortgage. (ABC)


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