Two readings of the nation’s manufacturing sector showed solid increases in December with one showing the strongest growth in nearly three years while another report showed construction spending hit a record high. Economic activity in the manufacturing sector expanded in December for the 16th straight month and the overall economy grew for the 103rd consecutive month, according to the monthly survey of the nation’s supply executives by the Institute for Supply Management and its Purchasing Managers’ Index (PMI). The overall performance also beat many analysts’ expectations.
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