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In another sign the U.S. economy is gathering more steam, two reports released Thursday morning showed a strong rebound in the nation’s manufacturing sector while another indicated construction remains strong following earlier positive indicators.
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While the amount of U.S. industrial production was unchanged in October after falling 0.2% in September, manufacturing managed to squeeze out a gain, as optimism in the housing market continued amid signs of slower than usual growth.
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New economic reports show the nation’s manufacturing sector continues improving along with consumer spending-- the latest signs the overall economy is gaining traction-- while a separate report shows construction activity has eased, but only just a bit.
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Shipments and new orders for long-lasting manufactured durable goods were varied in September. While home sales continue growing, one key economic indicator fell.
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New preliminary numbers suggest U.S. manufacturers started the fourth quarter in a strong fashion, and other numbers point to an improving overall economy in the final three months of the year -- with manufacturing and housing, two key areas related to truck freight, helping lead the way.
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The total output from the nation’s factories, mines and utilities rebounded last month, posting its best quarterly performance in a year, due in part to increased manufacturing, according to new Federal Reserve figures.
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Trucking employment in the U.S. slipped in September despite overall non-farm job growth moving higher for the 72nd straight month, according to a new Labor Department report. But other reports indicate manufacturing is regaining some steam, fueling speculation over an interest rate hike.
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A preliminary report released Friday shows growth in the nation’s manufacturing sector is easing this month amid the slowest expansion of new orders so far this year, according the financial information services provider IHS Markit.
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Nationwide housing starts fell 5.8% to a seasonally adjusted annual rate of 1.14 million units in August, according to newly released data from the Commerce Department on Tuesday, the latest disappointing economic indicator, but there are still feelings overall economic conditions are improving.
Read More →There is slight disagreement when it comes to the health of the nation’s manufacturing industry in the wake of two reports issued on Thursday, but not when it comes to what pulled two gauges lower for August.
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