Construction, Manufacturing Down

We’re not out of the woods yet. Despite good economic news in recent weeks, two reports Tuesday showed that both the construction and manufacturing sectors are contracting. According to the Census Bureau, construction spending declined 0.9 percent in July, while the Institute for Supply Management reported that the manufacturing sector is shrinking for the third straight month. One problem is that housing—which has shown signs of recovery—isn’t the sum total of the construction market. Public-sector building is still falling short. And when it comes to manufacturing, factories are getting fewer new orders due to global uncertainty.