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		Home Page Factory growth at 20-year high in Jan. NEW YORK (Reuters) — Manufacturing growth powered to a 20-year high, rising for a third straight month in January, but factories remained cautious about hiring, according to a report Monday. The Institute for Supply Management said its manufacturing index rose to 63.6 in January — the highest since late 1983 — from a revised reading of 63.4 the prior month. That was shy of economists' expectations for a rise to 64.0 in the index. Any reading above 50 indicates expansion. The index's components slipped but showed the fast-paced growth is unlikely to slow much in coming months, as factories are still scrambling to keep up with demand for goods. But the robust activity has yet to spur more jobs, with the employment index slipping to 52.9 from 53.5 in December. In other news suggesting continued economic growth, construction spending in December rose less than expected but notched a fresh record high as low mortgage rates fueled a strong housing market, a government report showed Monday. Overall construction spending rose 0.4% to a seasonally adjusted $933.2 billion in the month from a downwardly revised $929.8 billion in November, the Commerce Department said. Analysts polled by Reuters had been expecting a 0.7% increase. It was the sixth month in a row in which construction spending reached a new high. Outlays for total private construction, private residential construction and state and local construction all rose to fresh records. At the same time, private non-residential construction spending dipped to $210.2 billion, the lowest since June 1997 — a reflection of the slow recovery in business investment since the 2001 recession despite signs of rebounding growth in the broader U.S. economy. Contributing: Wire reports   Back to Original Article: Mortgage News You Can Use   Continue with: Economic Recovery Supported by Reports Consumer Spending up 0.4% in December GDP Up 4% In Q4, Short Of Forecasts But Still Solid Gain Federal Debt; Robbing Peter Jr. to Pay Paul Sr. Euro strength curbs eurozone manufacturing growth
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