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U.S. construction spending hits highest level in 5-1/2 years
U.S. construction spending rebounded strongly to hit its highest level in more than 5-1/2 years in July as private construction increased and state and local government outlays surged, in a further sign of vigor in the economy. Construction spending increased 1.8 percent to an annual rate of $981.31 billion, the highest level since December 2008, the Commerce Department said on Tuesday. July's percentage increase was the largest since May 2012 and reflected gains across all categories, with the exception of federal government. It followed June's revised 0.9 percent decline. Economists polled by Reuters had forecast ... (full story)