Construction, Manufacturing Conditions Still Poor
New data just out show that heavy parts of the economy -- manufacturing and construction spending -- are still in recession and showing little sign of rebound.
A measure of the health of the manufacturing sector bumped up off a record low but still reported the 12th straight month of contraction, said the Institute for Supply Management, a trade group of purchasing executives.
If the index rises above 50, the sector is growing. Any number below signals contraction.
For January, the index rose from its record December low of 32.4 to 35.6; still low but rising a bit.
Also, the Commerce Department reported this morning that construction spending fell for the third straight month in December.
For 2008, construction spending fell by a record 5.1 percent, more than twice the 2.1 decline of 2007. A main culprit? Home construction, which fell a record 27.2 percent in 2008.
February 2, 2009; 10:36 AM ET
Categories: The Ticker | Tags: construction, manufacturing
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