US factory activity increased more than expected in December, boosted by a surge in new orders growth, in a further sign of strong economic momentum at the end of 2017. The economy's robust fundamentals were also underscored by other data on Wednesday showing construction spending rising to a record high in November amid broad gains in both private and public outlays. The Institute for Supply Management (ISM) said its index of national factory activity jumped to a reading of 59.7 last month from 58.2 in November. A reading above 50 indicates growth in manufacturing, which ...
US factory activity accelerates; construction spending at record high
Manufacturing is likely to get a boost this year from a $1.5 trillion tax cut approved by the Republican-controlled US Congress last month