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Recovery Still On Track As Manufacturers Post Their Fifth Straight Gain Construction Spending Slips Factory job losses may be bottoming out, a hopeful sign for other sectors, too.(A)
Byline: CHRISTINA WISE
The manufacturing sector turned in a fifth straight month of growth in June, raising hopes that the weakest job sector may be firming.
The Institute for Supply Management's production managers index, released Monday, climbed to 56.2 from 55.7 in May. It was up from 44.3 in June last year.
Readings above 50 indicate growth. The June number was the highest since February 2000, just before the tech bubble burst.
The stock market was unimpressed. The Nasdaq shed 4.1%, the S&P 500 2.1% and the Dow industrials 1.4%.
Separately, construction spending dipped in May to $852 billion, its lowest level in five months. That was down 0.72% from April.
Nonresidential construction spending -- the largest index component -- continued to weaken. It dropped 18.2% from a year earlier to $173 billion. Residential construction spending totaled $412.3 billion, down 0.77% from April but up 4.6% from a year before.
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