Trade group: Manufacturing grows in November

NEW YORK (AP) — A private measure of manufacturing activity grew for the fourth straight month in November, but at a slower pace than in the previous month, signaling a bumpy rebound.

The Institute for Supply Management, a trade group of purchasing executives, said Tuesday that its manufacturing index read 53.6 in November after 55.7 in October. A reading above 50 indicates growth.

Analysts polled by Thomson Reuters had expected a reading of 55.

But new orders, a signal of future production, jumped to 60.3 from 58.5 in October. The index's employment measure also grew for the second consecutive month after 14 straight declines.

Meanwhile, the Commerce Department said Tuesday that construction spending edged up October for the first time in six months, as a surge in home building offset weak nonresidential construction. The small gain provided some signs of stability in the key construction sector, which could provide support for the fledgling economic recovery.