The US Construction Spending for the month of May will be released at 10:00 AM EDT.   Last month the change in spending fell by 0.4%.  This was the 7^th month in a row when the index showed a decline or was unchanged.  Tighter credit and low demand for housing has builders very cautious about starting any new projects.  Residential Construction fell 2.3% last month after a 3% decline the previous month.  Non Residential Construction is giving some relief having risen for 3 straight months.   

This month the string is expected to be extended.  Construction Spending for May is expected to show a 0.6% decline.