U.S. construction spending rises to 6-1/2-year-high

Construction spending increased 0.8 percent to an annual rate of $1.04 trillion, the highest level since October 2008, the Commerce Department said on Wednesday. Economists polled by Reuters had forecast construction spending rising 0.5 percent in May. The government revised construction spending data going back to January 2013. The economy was hit by bad weather, port disruptions, a strong dollar and spending cuts in the energy sector at the start of the year.