American manufacturing activity hit its highest point in nearly three and a half years last month and construction spending rebounded strongly in July, providing further signs that the economy entered the third quarter on strong footing.
The upbeat data, released on Tuesday, added to reports on employment and housing that have suggested growth remains sturdy, despite a slowdown in consumer spending in recent months.
“Things continue to fall into place for our view that growth should accelerate in the year’s back half,” said Dan Greenhaus, chief strategist at BTIG, an institutional brokerage firm.
(more on signs of economic strength in 2014's last half . . . )
