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Treasuries End Higher

U.S. Treasuries finished higher on Monday after stronger than expected economic news. The National Association of Purchasing Managers' index, a closely-watched gauge of the health of the manufacturing sector, rose to 44.5 in November from an 39.8 in October, much higher than Wall Street's median forecast of 42. New orders jumped to 48.8 from 38.3 and employment rose to 35.7 from 35.1. Any number below 50, however, still represents a contraction. Standard & Poor's MMS notes that the NAPM says that manufacturing may be picking up, but it's still too early to call the trend a recovery.

Also, U.S. construction spending surged 1.9% in October after a revised 0.7% drop in September (down 0.4% previously). Both public and private spending climbed, with public spending up 3.4% and private rebounding 1.5%.

And there was a record monthly gain in personal spending in October, signaling that consumers may not be as troubled by the economy and the war in Afghanistan as many have thought. U.S. personal spending jumped a record 2.9% in October after a revised 1.7% drop in September (down 1.8% previously). Personal income was unchanged, after a revised unchanged figure in September (down 0.1% previously).

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