U.S. manufacturing activity rose more than anticipated in November but construction spending was worse than expected, falling for the third straight month.
The ISM manufacturing PMI index hit 59.3 in November, better than the 57.8 expected by economists polled by Refinitiv. The result was up from October’s reading of 57.7.
The index measures national factory activity. A reading above 50 indicates growth in manufacturing, which accounts for about 12 percent of the U.S. economy.