Factory Expansion Spurs Growth as Budget Cuts Loom: Economy
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American factories expanded in February at the fastest pace in almost two years, spurred by a jump in orders that is helping propel an economy about to be tested by federal government cutbacks.
The Institute for Supply Management’s factory index rose to 54.2, the highest reading since June 2011, the Tempe, Arizona-based group said today. Other data showed consumer spending rose in January even as incomes plunged, and household confidence climbed last month.