Business News Asia
S&P Global reported that the final U.S. manufacturing Purchasing Managers’ Index (PMI) rose to 58.8 in March, above the initial reading of 58.5.
The rise in the PMI was driven by easing supply chain bottlenecks, including increases in new orders and employment. A PMI above 50, indicates an expansion of the manufacturing sector in the US.
According to the U.S. Department of Commerce, construction spending rose 0.5% in February from the previous month, following a 1.6% increase in January.
Construction spending rose 11.2% year on year in February.
Spending on private construction projects increased 0.8% in February, with spending on private residential projects up 1.1% and spending on nonresidential projects up 0.2%.
Spending on public projects fell 0.4% in February, while spending on federal projects fell 1.3% and spending on state and local projects fell 0.3%.