Cleaning & Restoration Breaking News

US factory growth fastest in 20 years, spurs jobs

NEW YORK, Dec 1 (Reuters) - U.S. factory activity rocketed to its fastest pace since 1983 in November and construction spending hit another record high the prior month, according to reports on Monday showing the economy's rapid growth is starting to turn the tide of three years of job losses.

The Institute for Supply Management said its manufacturing index jumped to 62.8 in November, the highest since December 1983, from 57.0 in October. That easily beat the forecasts of Wall Street economists.

With growth so strong and new orders flooding in, factories hired workers for the first time in 37 months, according to the survey. The ISM figures also suggested little slowdown ahead, with factory owners struggling to meet demand for goods.

"It's pretty eye-popping. If you look at the components, everything is very positive," said Stephen Stanley, senior markets economist at RBS Greenwich Capital.

That good news means government data to be released on Friday could show an even bigger rise in November payrolls than the 135,000 gain forecast by economists, after an increase of 126,000 in October.

"People have really underestimated the speed and improvement in the labor markets," Stanley said.

Construction spending in October posted its fourth straight record level, surging 0.9 percent and also easily beating forecasts.

Overall construction spending rose to a seasonally adjusted annual rate of $922.0 billion in the month from an upwardly revised $913.5 billion in September, the Commerce Department said. Analysts polled by Reuters had expected a 0.6 percent rise. Private residential construction spending rose 2.2 percent to a record $484.1 billion from $473.6 billion.

That suggests the economy's third-quarter 8.2 percent growth rate, also the fastest in two decades, may not slow as much as economists had originally thought.

Did you enjoy this article? Click here to subscribe to i Cleaning Specialist Magazine.

You must login or register in order to post a comment.

Multimedia

Videos

Image Galleries

The 2014 Experience Conference and Exhibition

A look in photos at the 2014 Experience Conference and Exhibition, which was held from April 24-26 at the Embassy Suites Convention Center and Spa in Frisco, Texas.

Podcasts

Beginning April 21, Google will start judging websites based on their mobile friendliness. What exactly does this mean to you cleaning website? Find out in the latest edition of The Hitman Advertising Show, which will also cover tips and suggestions on getting mobile compliant.
More Podcasts

ICS Cleaning Specialist Magazine

CoverImage

2015 April

The April ICS issue features content on concrete polishing, green cleaning, air duct cleaning, injection sprayers and new products.

Table Of Contents Subscribe

Janitorial Work

In addition to residential and commercial carpet cleaning, do you do any janitorial work on the side?
View Results Poll Archive

THE ICS STORE

FinalCover.gif
The Carpet Cleaner's Book of Unlimited Success! (ebook)

Don’t worry about the recession or about your competition.  Now you can be the owner of over 400 ways for carpet cleaning professionals to make more money and get more jobs!

More Products

ICS DIRECTORY AND BUYING GUIDE

Director_Buyer.jpgThe premier resource and reference guide for the cleaning and restoration industries.

Click here to view

STAY CONNECTED

facebook_40.png twitter_40px.png youtube_40px.png

TRUCKMOUNT EQUIPMENT AND ACCESSORIES GUIDE

Truckmount.jpgEquipment listings and specifications from the leading industry manufacturers.

Click here to view