Economy, Manufacturing | featured news

U.S. manufacturing grew at its swiftest pace in eight months in December, buoyed by increases in domestic and overseas demand, an industry survey showed on Friday.

U.S. manufacturing shrank in November to its weakest level since July 2009, one month after the Great Recession ended. Worries about automatic tax increases in the New Year cut demand for factory orders and manufacturing jobs. The Institute for Supply Management said Monday that its index of manufacturing conditions fell to a reading of 49.5. That's down from 51.7 in October.

Industrial output unexpectedly fell in October as superstorm Sandy disrupted production, but the underlying tone remained consistent with slowing manufacturing activity.

U.S. manufacturing increased slightly last month, while construction spending rose 0.6% to an annual rate of $851.56 billion. Meanwhile, October consumer confidence climbed to its highest reading since early 2008.

A survey of manufacturing conditions in China showed marked improvement in October. Analysts said the reading reflected the effect of a steady drip of stimulus measures introduced by Beijing.

Stocks got a boost on Wall Street from positive economic news on Monday. The Dow Jones industrial average rose 135 points to 13,572 in the first hour of trading. The market was already higher in the opening minutes of trading, then jumped at 10 a.m. after the Institute for Supply Management reported that U.S. manufacturing grew in September for the first time in four months.

U.S. manufacturing grew for the first time in four months, buoyed by a jump in new orders. The increase was a hopeful sign the economy is improving.

A gauge of manufacturing activity in China rose slightly in September but remained in contractionary territory for the 11th consecutive month, indicating that the world's second-largest economy is still slowing.

U.S. manufacturing closed out its weakest quarter in three years this month and the number of Americans filing new claims for jobless benefits held near two-month highs last week, suggesting the economic recovery is failing to gain traction.

Manufacturing shrank at its sharpest clip in more than three years in August, the third month of contraction in a row, and firms hired the fewest workers since late 2009, a survey on Tuesday showed.