by Laura Conaway

Two new signs of life in the economy:

First, U.S. manufacturing grew in August for the first time in 19 months. Customers were ordering new stuff like it was 2004, the Institute for Supply Management reports. Exports grew by five index points, thanks to a weaker dollar making it cheaper for other nations to buy American goods. High Frequency Economics' Ian Shepherdson says the Cash for Clunkers program helped.

Overall, it was the best showing since June 2007, with an ISM manufacturing index of 52.9, up from 48.9 in July. Anything over 50 indicates growth.

You remember growth, right? Norbert Ore, chair of ISM's survey, tells the AP that the current index figure has historically equated to a 3.7 percent annualized rate of expansion in gross domestic product. Last quarter, GDP was contracting at a yearly clip of 1 percent.

Second, the National Association of Realtors reports that its pending home sales index in July hit a two-year high, rising 3.2 percent. That's the sixth increase in a row and 12 percent up from this time last year. Pending sales have climbed for so long since the index began in 2001. Calculated Risk chalks it up to falling prices and a tax credit for first-time buyers.

You could take all of this for good news, unless you're in the double-dip recession crowd.

UPDATE: The Commerce Department says construction spending fell by 0.2 percent from June to July. Spending through the first seven months of the year is off by 11.4 percent.