by Mathew Katz

It's the beginning of the month, and you all know what that means: it's time for a whole slew of new economic indicators!

Construction spending in the U.S. rose by 0.3 percent in June, beating out expectations that it would fall by 0.5 percent, according to the Commerce Department. Spending for public buildings has hit a record high — it went up 1 percent to $321.75 billion. June was the third month in a row when public construction spending climbed. At the same time, the report says that private residential construction — building houses — rose 0.5 percent to $246.07 billion.

Manufacturing activity grew more than expected in July. The Institute for Supply Management's national manufacturing index jumped to 48.9, from 44.8 in June. Economists only expected the index to hit 46.5 last month. The index measures overall economic activity in the manufacturing sector. Still, the ISM's report notes that the index is still in contraction levels — readings above 50 indicate growth, but levels below 50 means manufacturing is still contracting.

Finally, with the good-ish news about manufacturing, crude oil prices rose above $71 a barrel for the first time in a month, and commodity markets are expected to rise as well. Of course, higher oil prices translate into higher prices at the pump, too. Gasoline for delivery in September is up 6 cents a gallon or three percent.