Economic activity in the construction sector has continued to remain strong, while the manufacturing sector also looks to be on the rebound, according to TruckingInfo, a provider of online news and information for trucking.
Growth in the manufacturing sector was up 1.3 percent from October, with the Purchasing Manager's Index registering 53.2 percent for November, according to The Institute for Supply Management. The measurement marked the highest reading in five months and even surpassed a consensus forecast by analysts on Wall Street.
Any reading above 50 percent stipulates expansion, according to the source. The positive data for both manufacturing and construction is a strong indicator that the U.S. economy is gaining momentum. Overall, it was the 90th straight month of economic growth.
At the top of the manufacturing report were the miscellaneous manufacturing and petroleum and coal products sectors, according to Reuters. The index is based on markers such as production, inventories, new orders, supply deliveries and employment, and compiled with survey results from more than 300 manufacturing firms.
"Of the 18 manufacturing industries, 11 are reporting growth in November," Bradley Holcomb, chairman of the Institute for Supply Management, said in the report.