U.S. factory activity improves, construction spending slips

The Institute for Supply Management reported on Friday that its national factory index rose to 53.2 in June from 51.3 in May. A reading above 50 indicates expansion in the manufacturing sector, which accounts for about 12 percent of the U.S. economy. Outlays on private residential construction were flat, while spending on private nonresidential construction was down 0.7 percent.