We might be in for some economic growth after all:
A measure of U.S. business activity unexpectedly rose this month as new orders increased and companies reduced stockpiles of unsold goods.
The National Association of Purchasing Management-Chicago said today its business barometer rose to 56.6 from 52.9 in November. Figures greater than 50 signal growth.
Orders from overseas may help sustain growth in manufacturing even as U.S. demand wanes, economists said. That would help the economy weather the housing recession and an expected slowdown in consumer spending.
``Factory demand recovered a little bit, at least in the Chicago region,'' said Omair Sharif, an economist at RBS Greenwich Capital in Greenwich, Connecticut. ``Slow-but-steady is probably the best way to characterize factory growth right now.''