Reports lift hopes of recovery
Manufacturing, construction, home contracts rise
Photo by The Associated Press
Workers assemble the roof on a new commercial building in Warrensville Heights, Ohio, in September. The Commerce Department said Monday that construction spending rose in September.
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Hopes for the fledgling economic recovery got a boost Monday from better-than-expected news on manufacturing, construction spending and contracts to buy homes.
U.S. manufacturing activity grew in October at the fastest pace in more than three years, according to a private group’s measure. It was driven by government spending, businesses’ need to rebuild their inventories and higher demand from overseas.
The Commerce Department said construction spending rose in September on the strength of home building. The report supported optimism that the ailing housing sector is starting to revive.
And the number of signed contracts to buy previously occupied homes rose for the eighth straight month in September, according to the National Association of Realtors.
Still, President Barack Obama ...
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Business, Pages 21 on 11/03/2009
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