The US manufacturing sector expanded during February, according to ISM’s latest report. The ISM PMI came in at 52.9%, a decrease from the 53.5% seen in January, but still signaling growth.
Consumer spending, however, fell in January by 0.2%, the Commerce Department said today. The drop is a reflection of the large decline in gasoline prices.
Construction spending data was down as well. In January, spending on both private- and public-sector building dipped 1.1% to a seasonally adjusted annual rate of $971.4 billion.
Port terminals on the West Coast have turned to an innovative new software – described as a “sort of Uber for moving cargo” – to organize the backlog of shipments at the ports.