Quick Notes for the Day - January 4

Construction Spending Drops in November - The Commerce Department reported that spending for construction projects fell 0.6% in November as spending on housing and public works decreased. It was the seventh straight monthly decline in spending. Outlays are down 13.2% compared with a year earlier. There was also a sharp downward revision to October spending. The government said spending fell 0.5% in October, compared with the initial estimate of no change. In November, spending on private-sector projects fell 0.7%, while public spending fell 0.4%. Private home construction fell 1.6%.

ISM Rises for December - The Institute for Supply Management (ISM) reported that the ISM index rose to 55.9 in December versus 53.6 in November. This marks the fifth straight month of expansion which provides even more evidence that the recession receding and economy is improving. In December, nine of 18 industrial sectors were growing, ISM said. The new orders index rose to 65.5% from 60.3% in November. The employment index rose to 52% from 50.8% in November. The production index rose to 61.8% from 59.9% in November.

Manufacturing Posts Best Showing Since 2006 - By Steven C. Johnson - Reuters - "The U.S. manufacturing sector grew for a fifth straight month in December, its best showing since early 2006, adding to hopes of a more robust U.S. recovery in 2010, data showed on Monday."