Good economic news just keeps rolling off the assembly line:
The manufacturing sector grew for the 20th consecutive month in January, though at a moderated pace, a private research group reported Tuesday, affirming the rebound in activity at the nations' factories. ...Although the index declined [to 56.4], the fact that it remained above 50 indicates that the sector continued to grow last month but at a somewhat slower pace. A reading of 50 or above in the index means the manufacturing sector is expanding, while a figure below 50 represents a contraction.Norbert J. Ore, chairman of the institute's survey committee, said the January index reflects continued strength in manufacturing, with both production and employment picking up.
"January sets the tone for a strong first quarter. Even though the (index) is slightly lower, the month-over-month growth is still quite strong, and will provide significant momentum for the remainder" of the quarter, Ore said. "Demand for exports continues to be quite strong, with a number of industries reporting significant growth."
Elsewhere in the market, construction is in its best shape since 1996. It's as if — out on a limb, here — the economy were nothing like the dud journalists described to us through nearly all of last year!