Construction spending climbed 0.4% to a seasonally adjusted estimated annual rate of $842.1 billion in May, the Commerce Department reported Wednesday.
The June rate rose from the revised May estimate of $838.3 billion, originally reported as $830 billion. The June figure was 7.0% above the June 2011 estimate of $786.8 billion, and was the largest since it was $832.6 billion in December 2009.
Economists polled by Thomson Reuters had predicted a 0.4% increase in the rate from May to June.
A combination of a "stronger-than-expected economy, higher Treasury rates, robust supply, and rich valuations resulting in choppy markets" have made the trading environment in H124 "quite difficult," according to Barclays.
Two rating agencies upgraded Los Angeles Unified School District's bond ahead of multi-billion dollar refunding.
The Basel III Endgame proposal to restructure capital holding levels comes under fire.
Friday price talk for the unrated tax-exempt paper was between 11% and 15%.
The board approved that step at its second quarter board meeting held this week.
The Inflation Reduction Act, affordable housing and clean energy were among the topics discussed at Baker Tilly's DevelUP conference in Chicago this week.
