Friday, July 02, 2004

The Economy Booms On

The June employment numbers will come out today with an expected increase of 250,000 jobs, bringing the total number created this year to 1.4 million. Other sectors of the economy also continued to boom:

Meanwhile, the Commerce Department reported that construction spending increased 0.3 percent in May from April to a seasonally adjusted annual rate of $988.5 billion, an all-time monthly high.


The value of residential projects private builders broke ground on also rose to a record rate of $532.3 billion in May, representing a 0.8 percent increase from April _ a sign that builders still feel good about housing demand, even as interest rates are on the rise.

...Thursday's manufacturing report showed that of 20 industries in the sector, 17 enjoyed growth in June, led by instruments and photographic equipment, rubber and plastic products, wood and wood products and industrial and commercial equipment and computers.

"June represents a strong finish to the first half of the year, and the current picture is very encouraging for the third quarter as new orders and production are still growing significantly," said Norbert J. Ore, who heads ISM's survey committee.

Fantastic news up and down the economy and it looks as though this growth will continue into next year.

Read it here.