The Non-Manufacturing ISM Report on Business Index was 57.8 in April, up 1.3 points from 56.5 in March.
New orders for manufactured goods increased 2.1 percent to $476.5 billion in March following a revised 0.1 percent decline in February according to the U.S. Census Bureau.
Consumer sentiment rose in April, according to the University of Michigan survey, rising 2.9 points above March’s reading.
The ISM manufacturing index was unchanged at 51.5 points in April. Index readings above 50 indicate expansion in the manufacturing economy.
Construction spending declined 0.6 percent in March to a seasonally adjusted annual rate (SAAR) of $966.6 billion.
Personal income increased $6.2 billion, or less than 0.1 percent in March, according to the Bureau of Economic Analysis—a sharp decline from February’s estimate.
With the Federal Open Market Committee meeting yesterday, ABA President and CEO Frank Keating appeared on Reuters TV to discuss interest rates.
The Federal Reserve Open Market Committee in its April 29 statement noted that economic growth slowed during the winter months, partly due to “transitory factors,” and that labor market conditions were largely unchanged since the last meeting.
Are there prospects for growth in the U.S. economy?