It looks like the economy is still bumbling along at its ho-hum pace, with manufacturing growth slowing last month to the lowest level all year.
The Institute for Supply Management said its manufacturing purchasing managers' index fell to 55.5 in July from 56.2 in June. On the bright side: it was the 12th consecutive month of growth, albeit marginal.
New orders weakened, as did production. But manufacturing jobs continued to nudge upward. The factory employment index rose to 58.6, compared to 57.8 in June.
Separately, the US Commerce Department said construction spending inched 0.1% higher in June compared to May. Government spending on construction helped make up for low levels in the private sector, including residential and commercial construction.
There are signs the homebuilding situation could be stabilizing. Spending on residential construction fell at a lower rate, -0.4%, compared to the -1.5% it fell in June.
UPDATE: The U.S. Congress Joint Economic Committee released its own report on manufacturing Monday. It describes manufacturing as "a bright spot in the US economy" while noting unemployment growth in the sector "remains fragile."
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