Spending on Construction Up

Construction spending was up 0.3% in June compared to estimates of a 0.5% drop.  Although the spending is still down versus 2008 by 10.2%, the data comes as another indication that the economy may be bottoming out.  The spending was assisted by public spending and federal government spending, as well as private residential.  The economy overall still shrank 1% during the first quarter, but far less than the 6.4% from a year ago.  Read: Associated Press