The U.S. Census Bureau reported that total construction spending increased 0.4% in April 2026 to a seasonally adjusted annual rate of $2,172.4 billion, following a revised March estimate of $2,164.5 billion. The April figure stands 0.9% above the April 2025 estimate of $2,153.4 billion. Private construction spending rose 0.4% to $1,639.7 billion, reflecting a 0.8% increase in residential construction to $909.9 billion and a 0.2% decrease in nonresidential construction to $729.8 billion. Public construction spending also grew 0.4% to $532.7 billion, supported by a 0.6% increase in educational construction to $113.7 billion and a 0.4% advance in highway construction to $149.6 billion. During the first four months of this year, total construction spending amounted to $657.2 billion, marking a 0.2% increase above the $656.1 billion recorded for the same period in 2025. Overall, the report showed modest growth in construction activity during April, with gains in residential and public construction offsetting a slight decline in private nonresidential spending.

The May release of the Federal Reserve’s Beige Book reported that economic activity grew at a slight to moderate pace across ten of the twelve Districts, with one noting a slight decline and another showing no change. Consumer spending was mixed and increasingly split along income lines; higher-income households were less sensitive to price increases, while middle- and lower-income consumers showed greater financial strain and a shift toward necessities. Manufacturing expanded at a modest to strong pace in nine Districts, helping offset softer vehicle demand caused by high prices and rising fuel costs. Employment saw little to no change in eleven Districts as firms maintained a cautious approach to hiring. Meanwhile, prices rose at a moderate to strong pace, driven heavily by energy and input costs tied to the Middle East conflict. Overall, the report showed that businesses expect little change in growth over the next six months, as inflation and geopolitical uncertainty continue to weigh on economic outlooks.

The U.S. Bureau of Labor Statistics reported that total nonfarm payroll employment increased by 172,000 in May 2026, while the unemployment rate remained unchanged at 4.3%. The jobless rate held within the narrow 4.3% to 4.5% range observed since July 2025, as the labor force participation rate held steady at 61.8%. Within the household survey, individuals unemployed for less than five weeks declined by 286,000 to 2.2 million, while the long-term unemployed was little changed at 2.0 million, accounting for 27.5% of all jobless workers. Sectoral job growth was led by leisure and hospitality (+70,000), local government (+55,000), and health care (+35,000), offsetting contractions in financial activities (-22,000) and wholesale trade (-3,700). Average hourly earnings rose $0.12 to $37.53, a 3.4% annual increase, while revisions to March and April data raised employment by a combined 93,000 jobs.