Construction Spending Hits New March Record
Washington AP reports March construction spending rose 1.5 percent to a seasonally adjusted annual rate of 944.1 billion dollars, a record high. Residential private builders climbed to 507.2 billion, also an all time monthly high, while manufacturing growth in April eased to 62.4 from 62.5, with price pressures cited for metals.
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Wall Street rallies on economic data ahead of Fed meeting
Wall Street edged higher on upbeat data ahead of a Federal Reserve meeting. Construction spending surged to a record adjusted annual rate of 944.1 billion dollars in March, while ISM manufacturing showed continued but cooled growth. Investors noted light volume and questioned the rally as a signal of a broader upturn, amid lingering rate concerns.
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Treasury trims borrowing estimate to 38 billion
The Treasury says the government will borrow about 38 billion this quarter, roughly half the February forecast of 75 billion. Higher tax revenues and lower spending explain the drop, while January-March borrowing reached a record 146 billion, down from 177 billion forecast earlier.
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