The following US economic statistics were announced today:

Construction spending rose 1.4% in October, and was up 9.6% on a year-over-year basis.

Vehicle sales have been coming in strong today, with domestic sales at an annualized 11.7 million. Overall vehicle sales are set to top 15 million, the best rate since the 15.5 million annualized in February, 2008. Ford, Honda, and Nissan are posting better sales than expected, while GM sales are weaker than expected.

The Markit Economics PMI Manufacturing Index rose 0.7 points to 52.8, indicating increased manufacturing growth.

In contrast, the ISM Manufacturing Index dropped sharply from 51.7 to a weaker than expected 49.5, a below-50 reading that indicates economic contraction.

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Dale Franks
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