In a promising sign that the economy is strengthening, the Commerce Department said construction spending rose 1.3% in April, beating analysts' expectations. Separately, the Institute for Supply Management said its manufacturing index remained above 60 for the seventh straight month, rising from 62.4 in April to 62.8 in May despite higher production costs. "Things looked good in May ... I think they will continue on that path, based on the way the data look," said the chairman of the institute's Manufacturing Business Survey Committee.

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