By Jim Puzzanghera, Los Angeles Times –
WASHINGTON — Key private indexes of manufacturing and consumer confidence edged up in October, while the government reported an increase in construction spending in September as economic data released Thursday indicated moderate economic growth.
All three readings were in line with analyst expectations, and came as new private and government data on unemployment pointed toward modest employment gains last month.
The Labor Department will release the October jobs report on Friday, the last major economic data point before Tuesday’s presidential election. Economists project the report will show the economy added 125,000 jobs and that the unemployment rate ticked up to 7.9 percent.
U.S. factories continued to power up last month after a summer contraction, according to the Institute of Supply Management. The group’s purchasing managers’ index increased to 51.7, up 0.2 percentage points from September’s reading.
It marked the second consecutive month of expansion in the vital manufacturing sector after three months of slight contraction. October’s reading indicated the pace of growth had accelerated a bit from September as new orders and production picked up.
“Manufacturing continues to hold up better in the U.S. than in the rest of the world,” said Nigel Gault, chief U.S. economist at IHS Global Insight.
“It is still under pressure from global economic head winds and domestic policy uncertainty,” he said. “But improvements in the domestic economy — notably in housing and consumer spending — are providing support.”
Consumer confidence also improved in October, according to the Conference Board.
Its index increased to 72.2 from 68.4 in September as improvements in the jobs market buoyed consumers’ views of economic conditions.
“Consumers were modestly more upbeat about their financial situation and the short-term economic outlook, and appear to be in better spirits approaching the holiday season,” said Lynn Franco, director of economic indicators at the Conference Board.
In another sign of improvements in the housing market, the Commerce Department reported that construction spending increased 0.6 percent in September from the previous month.
Private and public construction spending rose to a seasonally adjusted annual rate of $851.6 billion in September.
The September pace was a 7.8 percent increase from the same month a year earlier. For the first nine months of 2012, construction spending was up 8.9 percent compared to the same three quarters in 2011.
And unemployment for blacks went up 1%. I don’t understand how the people who need help the most, i.e., the unemployed, those losing their homes, students whose interest on student loans will double next year if he is re-elected, parents whose kids won’t eat the stuff they are being fed for school lunches, union members whose unions have priced them out of jobs, those who will have to pay fines when they can’t afford health insurance, are the people who are voting for this guy who hasn’t helped them at all. Logically, the people who should be voting for him are the ones who made money in the stock market the last 3 years. But they don’t like him because they know he has driven our country farther to the brink of financial disaster with nothing to show for it. A lot of investors have moved their money to international funds or energy funds.
Katie your post is full of teabagger lies. I know you don’t believe in facts so there is no point in trying to explain it to you. You watch way to much Faux News. Go to bed!!!
@Happy Guy-maybe you should open your eyes somewhat and think about what you are saying. You sound just like a brainwashed liberal, welfare baby. What katie says here is her opinion and also happens to be correct.
Tell me what is not true in my post and I’ll back it up.
Lots of good news!! Time for the Republican spinmeisters to turn chicken salad into chicken s#@t.