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U.S. manufacturing activity in July remained solid, according to two reports issued Tuesday while separate ones showed overall construction activity in the U.S. eased as consumer spending and personal incomes barely improved.
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Future Line Manufacturing, headquartered in Cedar Rapids, Iowa, has announced the opening of its latest manufacturing facility.
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There are conflicting reports on activity in the nation’s manufacturing sector. One report says it moved into high gear in June, hitting a near three-year high, while a separate one indicated conditions were the weakest since last September.
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A preliminary report released Monday showed a drop in a key benchmark for future business spending, as total orders and shipments of durable goods were mixed, according to the Commerce Department.
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A first look at the nation’s manufacturing sector this month shows conditions have hit a nine-month low, while home sales have roared back amid near-term expectations the overall economy will continue with a moderate expansion.
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Political uncertainty could be partially to blame for some less-than-stellar economic reports, with show housing starts dropping, consumer confidence slipping, and industrial production stalled.
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Results from two surveys of the nation’s purchasing executives indicate manufacturing activity in the U.S. during May was nearly unchanged from the month before. Meanwhile, separate reports show construction spending eased, but consumer spending increased, resulting in hopes that the current quarter will be stronger for the overall economy than the previous one.
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Growth in the U.S. economy during the first quarter didn’t slow as much as first estimated, according to government numbers released Friday, while separate reports showed weaker factory activity but continued high consumer sentiment.
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A surge seen early this year in the nation’s manufacturing sector continued to lose steam this month, hitting an eight-month low.
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Industrial production in the U.S. rose in April more than expected and by the fastest rate in more than three years, according to a new report issued Tuesday. Meanwhile, separate reports show e-commerce continues to boom but the building of new homes fell for the second straight month.
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