Reports show modest but steady economic recovery
New York City Mixed reports Monday on manufacturing, construction and personal income and spending made clear that the economy is enjoying modest growth even though the recovery remains fragile, according to the Associated Press.
Manufacturing output expanded in February for a seventh straight month. Factory output has provided one of the few areas of strength for the economy. Still, the growth in manufacturing activity slowed compared with January and fell short of economists' expectations.
In addition, construction spending fell for a third straight month in January. Although personal spending rose slightly more than expected, Americans' incomes scarcely budged. In part, that was because Social Security recipients didn't get their usual cost-of-living boost.
The weak income growth could depress spending in the months ahead and drag on the economy's rebound, the report said.