US economic data released on Monday were quite positive. Bloomberg reports:
Manufacturing in the U.S. expanded in April at the fastest pace since June 2004, indicating the world’s largest economy accelerated as it entered the second quarter.
The Institute for Supply Management’s factory index rose to 60.4, exceeding the median forecast in a Bloomberg News survey of economists, from a March reading of 59.6. Americans’ spending increased in March by the most in five months, according to the Commerce Department...
Construction spending unexpectedly increased in March, propelled by gains in state and local government projects, a Commerce Department report showed. The 0.2 percent rise followed a 2.1 percent drop in February.
Manufacturing is also improving in most of the rest of the world.
A manufacturing index based on a survey of euro-area purchasing managers increased to 57.6 from a March reading of 56.6, London-based Markit Economics said. A gauge of factory performance in Australia surged 9.3 points to 59.8 in April, the Australian Industry Group and PricewaterhouseCoopers said.
Over the weekend, China's Federation of Logistics and Purchasing reported that its manufacturing PMI rose to 55.7 in April from 55.1 in March.
Real Time Economics provides a breakdown of world-wide factory activity by country.
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