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NAllfi
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GIFT
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of enjoyment: Texas A&M's
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are $40 ea. plus tax in
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iseove
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SINUS INFECTION?
Males and Females 18 years of age
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Have a frequent cough, facial pain,
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(979) 779-3303 or 888-438-9586 toll free
Tuesday, December 2, 2003
THE 11;
Manufacturing and constructioi
growth boosts economic outloo
By Brad Foss
THE ASSOCIATED PRESS
Smart Move.
Pack in extra credits and graduate sooner
Register now for Wintermester & Spring
A pair of upbeat reports
Monday reinforced rising opti
mism about the nation’s econom
ic recovery: Manufacturing
expanded in November at its
fastest rate in nearly two decades,
while October was the best
month on record for construction
spending.
"We’re clearly coming out of
the woods,’’ said Sung Won Sohn,
chief economist at Wells Fargo in
Minneapolis.
The Institute for Supply
Management’s manufacturing
index soared for a fifth consecu
tive month, and at its fastest clip
since December 1983. The index
sttxxl at 62.8, a large increase
from the October reading of 57
and well above analysts’ expecta
tions of 58.1.
An index above 50 indicates
expansion; one below 50 indi
cates manufacturing activity is
contracting.
Economists said the most
encouraging detail in the manu
facturing report was an employ
ment increase — the first time the
industry has added jobs in more
than three years.
"If factory employment is
starting to improve — and that
has been one of the toughest nuts
to crack — then we are likely to
see growth across all sectors,”
said Douglas Porter, senior econ
omist at Nesbitt Bums Securities
of Chicago.
President Bush hailed
Monday’s manufacturing report
as evidence that his administra
tion’s tax cut was helping
improve the finances of ordinary
Americans as well as the econo
my at large.
"With all these actions, we are
laying the foundation for greater
prosperity and more jobs across
America so every single citizen
has a chance to realize the
American dream.” Bush told
donors at a fund-raiser in
Dearborn, Mich.
Also Monday, the Commerce
Department reported that the total
value of building projects under
way came in at a seasonally
adjusted $922 billion in October
— an all-time monthly high. The
0.9 |x.*rcent increase from the pre
vious month was even better than
the 0.6 percent rise that analysts
had forecast.
The strength in construction
was fairly broad-based, with
spending by private builders on
residential construction and
spending by government on big
public works projects each
posting the highest monthly
Construction
spending
Here is a look at
construction spending.
Seasonally adjusted
$9221
$940 billion
920
900
880
860
840
820
800
780
—
A
Wr
or
D J F M A M J JAS
2003
SOURCE Department of Commeits
level on record.
On Wall Street, lover:
were encouraged by
facturing and construction ill
In afternoon trading,theB
Jones industrial average mi
100.14, or 1 percent.
9,882.60, while the Nk
composite index rose 211,i * lc 'l
1.1 percent, at 1,982.15,aneif
Standard & Poor’s 500 i
gained 10.09, or 1 percenti
1.068.29.
TheT
leam ren
jiome gai
jtn averai
The c
hat they
combi
hanges
o face u
(noxvill
“It’s ;
oad,” j
Watkins,
fennesse
e an e<
nd play
NEWS IN BRIEF
Colorado Supreme Court strikes
down GOP redistricting bid
DENVER — The Colorado Supreme Court
threw out a GOP redistricting plan Monday in
favor of one more beneficial to the Democrats,
making it clear the state can redraw its con
gressional map only once per decade.
The 5-2 /uling could give a boost to the
Democrats’ hopes of retaking the narrowly divid
ed U.S. House next year.
The high court ruled that the GOP violated the
Colorado Constitution by pushing a ner:
through the Legislature just over a yearati)
federal judge had redrawn the boundaries
Colorado’s seven congressional
revert to the judge's map.
The fight is not over: The GOP
being challenged in federal court.
And with a Texas redistricting
tied up in court, the U.S. Supreme
end up deciding how often states can
their congressional maps. The Texas caseiss
to go to trial Dec. 11 in Austin.
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