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P. 25
BUSINESS A25
Saturday 2 April 2016
US manufacturing grows in March, ending 5 month slide
JOSH BOAK Still, Shapiro noted that Rick Ring, left, and Corinne Schmitt-Bries attach a panel to a John Deere 1050K Crawler Dozer
AP Economics Writer “dollar strength and weak at John Deere Dubuque Works in Dubuque, Iowa. On Friday, April 1, 2016, the Institute for Supply
WASHINGTON (AP) — U.S. growth in many important Management reported on U.S. factory activity during March.
manufacturers expanded international markets are
in March, ending a five- going to continue to weigh (Jessica Reilly/Telegraph Herald via AP)
month streak of declining on U.S. producers, and we
factory activity. expect the recovery in the U.S. manufacturing output Federal Reserve reported a stiff 2.8 percent decline
The Institute for Supply Man- manufacturing sector in rose 0.5 percent in January, earlier this month. But the during February in orders
agement said Friday that its the months ahead to be a as auto, furniture and food Commerce Department for long-lasting, durable
manufacturing index rose muted one.” The setback in production advanced, the found in a separate report goods.
to 51.8 last month from 49.5 employment meshed with
in February. Any reading the government jobs report
above 50 signals growth. released separately on Fri-
The increase suggests that day, which showed that
U.S. factories are adapt- manufacturers shed 29,000
ing to the turmoil abroad, workers in March and
where a stronger dollar 18,000 in February, in an
and weakening economies otherwise healthy job mar-
in China, Japan and else- ket anchored by improving
where have hurt sales. But demand for homes, health
the details of the survey- care, and meals at restau-
based report were some- rants. Of the 18 industries in
what uneven. New orders the ISM report, a dozen re-
and production improved, ported growth. Factories in
but the measure of em- primary metals, food, elec-
ployment at manufacturers tronics and plastics and
contracted in a sign that rubber products, among
factories are letting workers others, viewed conditions
go. “Manufacturing activi- as improving.
ty is stabilizing,” said Joshua Other manufacturing in-
Shapiro, chief U.S. econo- dicators have created a
mist at the forecaster, MFR. hazy outlook for the sector.
US consumer sentiment slips in March to five-month low
PAUL WISEMAN dipped to 91 in March, from ness and rising gasoline ary, same as in December looking for work.
AP Economics Writer 91.7 in February. Richard prices have taken a toll on and January. The economy grew at a
WASHINGTON (AP) — Curtin, chief economist of spirits. Still, the job market is lackluster 1.4 percent an-
U.S. consumer sentiment the Michigan surveys, said AAA says the average gal- healthy. The government nual pace from October
slipped last month to low- consumers’ dim view of the lon of U.S. gasoline costs reported Friday that em- through December and
est level since October with economy offset improve- $2.06, a 17 percent hike ployers added 215,000 jobs might be even worse the
Americans worried about ment in their own finances. from the $1.76 they were in March. The unemploy- first three months of 2016:
the country’s economic Last month’s reading was paying a month ago. ment rate rose to 5 percent Citing weak consumer
outlook, the University of the lowest since the index Americans have grown from 4.9 percent in Febru- spending, many econo-
Michigan said Friday. registered 90 in October. A cautious about spending. ary but only because so mists have cut their first-
The university’s index year earlier, it stood at 93. Consumer spending ticked many Americans came off quarter forecast below 1
of consumer sentiment Signs of economic weak- up just 0.1 percent in Febru- the sidelines and started percent.
US construction spending retreats in Feb. on weak data
M. CRUTSINGER communication facilities Construction cranes loom over a harbor area in the early morning, in Washington. On Friday, April
AP Economics Writer and other nonresidential 1, 2016, the Commerce Department reported on construction spending during February.
WASHINGTON (AP) — U.S. activities fell by 1.3 percent
construction spending fell in February. Sending on (AP Photo/J. David Ake)
in February by the largest government projects was
amount in three months. down 1.7 percent.
Weakness in nonresidential Those declines overshad-
construction and govern- owed a solid 0.9 percent
ment offset the strongest rise in home construction,
month for home construc- which pushed that sector
tion in more than eight to the highest point since
years. October 2007.
Construction spending fell Home construction has
0.5 percent in February fol- been a bright spot for the
lowing a 2.1 percent Janu- economy, growing at a siz-
ary gain, the Commerce zling 10.1 percent rate in
Department reported Fri- the fourth quarter. Analysts
day. Spending declines on are forecasting housing will
construction of factories, remain strong this year.
