US manufacturing grows at fastest pace in 3 1/2 years; construction spending up WASHINGTON (AP) — U.S. manufacturing grew in August at the strongest pace in more than three years as factories cranked out more goods and new orders rose – and construction spending was up 1.8 percent in July. The Institute for Supply Management’s manufacturing index rose to 59 from 57.1 in July, the ISM said Tuesday. That was the highest reading since March 2011. Any measure above 50 signals that manufacturing is growing. Tuesday’s ISM report coincides with other signs that manufacturing is helping drive the U.S. economy’s improvement. Factories are benefiting from strong demand for aircraft, furniture, and steel and other metals. The boost from manufacturing has helped offset slower homebuilding, a slowdown in consumer purchases and weaker spending on utilities and other services. Construction spending up 1.8 percent in July U.S. construction spending staged a strong rebound in July, rising by the largest amount in more than two years. All major categories of construction showed gains in an encouraging sign that spending on building projects will help boost the economy in the second half of this year. Construction spending rose 1.8 percent in July, the biggest one-month gain since May 2012, the Commerce Department reported Tuesday. It followed a [...] geogianews/us-manufacturing-grows-at-fastest-pace-in-3-12-years-construction-spending-up/
Posted on: Tue, 02 Sep 2014 18:31:07 +0000