Latest factory, building data: Two more green shoots for economy
Two additional green shoots for the U.S. economy: the latest manufacturing and construction data each came in at better-than-expected levels.
First, the Institute for Supply Management announced Monday that it's manufacturing index increase to 42.8 percent in May from 40.1 percent in April. That was above the 42.0 percent Bloomberg News consensus estimate. The index was at 36.3 percent in March and 35.8 percent in February. Readings above 50 indicate an expansion; below 50, a contraction.
What's more, the ISM's new orders index, which is closely-monitored by economists because it is a good indicator of future activity, rose above 50 percent to 51.1 percent.