Some good economic news: U.S. manufacturing activity rebounded more than expected in March, according to an industry report released this week, as production, new orders and hiring all picked up. The Institute for Supply Management (ISM) said its index of national factory activity rose to 55.3 from 54.2 in February, which had marked the lowest level since November 2016.
U.S. construction spending is also up. It increased for a third straight month in February, the Commerce Department said, rising 1.0 percent to a nine-month high after an upwardly revised 2.5 percent surge in January.
The one soft spot for the economy? The service sector. Growth in the U.S. services sector hit its slowest pace in more than a year, according to data from the ISM released yesterday. The ISM non-manufacturing index fell to 56.1 in March, the weakest it's been since August 2017, down from 59.7 in February.
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