Construction spending declined 0.2% in December, as investment in both private and public projects fell, according to a report from the Commerce Department
WASHINGTON - U.S. factory activity unexpectedly rebounded in January after contracting for five straight months amid a surge in new orders, offering hope that a prolonged slump in business investment has probably bottomed out.
The ISM said its index of national factory activity increased to a reading of 50.9 last month, the highest level since July, from an upwardly revised 47.8 in December. A measure of exports orders raced to the highest level since September 2018, while a gauge of imports touched levels not seen in 11 months. Manufacturers also reported paying more for raw materials and other inputs. The survey’s measure of prices paid hit its highest level in 10 months, suggesting some building up of inflation pressures at the factory level.
The ISM’s factory employment index rose to 46.6 last month from a revised reading of 45.2 in December. It, however, held below the 50 level, suggesting manufacturing payrolls could remain weak. Factory employment increased by 46,000 jobs in 2019 after rising 264,000 in 2018. “It is hard to tell a consistent story that covers all of the manufacturing surveys,” said Daniel Silver, an economist at JPMorgan in New York.
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