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U.S. Economy: Factory Index Rises to Two-Decade High
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| Contributor | Tony82 |
| Last Edited | Tony82 Feb 02, 2004 05:35pm |
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| Category | News |
| News Date | Monday, February 2, 2004 06:00:00 AM UTC0:0 |
| Description | Feb. 2 (Bloomberg) -- An index of U.S. manufacturing rose to a two-decade high in January as factories boosted production to replace depleted inventories and meet improving demand.
The Institute for Supply Management's factory index last month increased to 63.6, the highest since 1983, from 63.4 in December. It's the eighth straight month the index has been greater than 50, signaling expansion. Construction spending rose in December for a seventh straight month and consumer purchases increased, separate Commerce Department reports showed.....
Job Growth
``To keep the solid spending going, we need some job growth, as wage and salary increases are faltering,'' said Joel Naroff, president of Naroff Economic Advisors in Holland, Pennsylvania.
The economy probably created 165,000 jobs in January, the most in three years, after a rise of 1,000 in December, according to the median forecast in a Bloomberg News survey of economists ahead of Friday's report. The unemployment rate is forecast to hold at 5.7 percent.
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