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Purchasing Index Gain, Rise In Building Activity Bolster Recovery Case Next To Come: More Hiring? Factory comeback could push GDP growth to 5% for 2 or 3 qtrs -- analyst.(A)
Byline: DONALD H. GOLD
Two reports Monday showed the recovery is still right on track: Housing pushed construction spending to its best gain in 13 months, and a report from an industry group suggests the long, bruising factory recession is over.
The Institute for Supply Management purchasing managers index rose to 55.6 in March from February's 54.7. Though modest, the gain pushed the index to its highest level since February 2000.
It also was the second straight reading above 50, a sign to many analysts that factories have turned the corner. The results show a far stronger recovery than predicted just a few months ago.
"I think 5% first-quarter growth, by our numbers, is realistic," said ISM survey chair Norbert Ore. "It's possible to put two or three quarters together of 4% or 5% growth."
Ore said low rates and a snapback from the post-attack swoon made for the surge in activity.
The ISM report -- a survey of 300 purchasing managers -- revealed growth in 15 of the 20 manufacturing industries.
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