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The index hit the highest level since early 2004 and new orders surged to a fresh cycle high, as did employment, while production held around 63 and orders backlog surged from 47 to 58. Large gap between new orders and inventories suggest strength in production will endure." He also says -2.5% Dec construction owed "to weakness in residential and public construction. Non residential spending inched modestly lower." This suggests Q4 GDP may be revised modestly lower from +3.2%, depending on inventories and trade data. "A rebound in construction which remains distant," but labor mkt looks to be improving (their est +165k may be too low, he says).
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