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Construction spending hits high
Expenditures rose 0.2% in Nov. vs. Oct., under views but still a record at $1.15 tril. Residential spending fell 0.1%, the 1st drop since June, dragged down by a 5.8% fall in public spending. Nonresidential spending rose 0.5%, said the Commerce Dept. Private residential construction was flat vs. Oct. It's still 9.7% higher than Nov. '04, but it's a notable slowdown from earlier in 2005.
Global manufacturing pace slows
Dragged down by a weak U.S. survey, the global purchasing managers' index fell 0.4 point to 54 in Dec. for the 2nd straight monthly drop, said JPMorgan. But European, Japanese and China indexes rose. JPMorgan pointed to a shift in new orders from the U.S. to Japan and the euro zone. A weak euro fueled European exporters.
** European ...