Here Comes Construction Spending...

Economists polled by Bloomberg are looking for construction spending to rise 0.4% month-over-month (MoM). This compares to a 0.5% rise in May.

Investors watch this number because it offers insights into the housing market and into homebuilder stocks.

It also helps gauge the health of the economy as companies and the government invest in new infrastructure when they are feeling confident about the economy.

It will be interesting to see how higher mortgage rates and their impact on housing demand also impact construction spending.