Construction Spending Rises 0.2%

Construction spending climbed 0.2% month-over-month, missing expectations for a 0.6% rise.

But there was a huge upward revision to March's data, with construction spending up a revised 0.6%, compared with an initial reading of 0.2%.

Homebuilder confidence unexpectedly declined to 45 in May. New home sales however beat after a strong revision March's data and housing starts surged.