Construction Spending (Feb. 1)

Construction Spending decreased by 2.5% to $787.9 billion during December, contrary to expectations that the figure would remain unchanged, after decreasing by 0.2% in November. Year over year, construction spending had declined by 6.4% from the December 2009 estimate of $841.8 billion.

The ISM Manufacturing Index increased to 60.8 in January, its highest level since May 2004, following an increase to 58.5 in December from the 56.6 level in November. The index indicated growth for the 20th consecutive month in the overall economy, as well as expansion in the manufacturing sector for the 18th consecutive month.

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