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10-03-2011, 10:44 AM #1
Manufacturing, construction spending show some gains
Manufacturing, construction spending show some gains
Updated 20m ago Comments 1
WASHINGTON (AP) – A survey of purchasing managers showed that manufacturing grew at a faster pace in September than in August, but the pace of growth remains weak.
The Institute for Supply Management says its manufacturing index increased to 51.6, up from 50.6 in August. A reading above 50 indicates manufacturing is expanding. The increase follows two months of declines.
Measures of production and exports grew, while a gauge of new orders was unchanged. Factories also added workers, the report says.
The manufacturing sector has been a key driver of the economy's growth since the recession officially ended in June 2009. The index topped 60 for four straight months earlier this year. It rose above 50 a month after the recession ended and has topped that level ever since.
A second report Monday said builders increased spending on homes, office buildings and other projects in August after a big decline in July. The gain still left the construction industry far below levels considered healthy.
The Commerce Department says construction spending rose 1.4% in August after a 1.4% decline in July, which had been the biggest setback in six months.
The increase pushed construction activity to a seasonally adjusted annual rate of $799.1 billion. That's 4.8% above an 11-year low hit in March. But it's barely more than half the $1.5 trillion pace considered healthy.
Analysts say it could be four years before construction returns to healthy levels. A dismal outlook for housing and a weak economy have forced governments to cut back on building plans.
http://www.usatoday.com/money/economy/s ... 50641590/1NO AMNESTY
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