U.S. factory activity achieves it fastest pace since 1983 in November and construction spending hit another record high the prior month, according to reports on Monday showing the economy's rapid growth.

The Institute for Supply Management said its manufacturing index jumped to 62.8 in November, the highest since December 1983, from 57.0 a month earlier. That easily beat the forecasts of Wall Street economists.

With growth so strong and new orders still lining up, factories hired workers for the first time in 37 months, according to the survey. The ISM figures also suggested little slow down in coming months, with factory owners struggling to keep up with demand for goods.

Construction spending in October posted its fourth straight record level, surging 0.9 percent and also easily beating forecasts.

Overall construction spending rose to a seasonally adjusted annual rate of $922.0 billion in the month from an upwardly revised $913.5 billion in September, the Commerce Department said. That suggests the economy's third-quarter 8.2 percent growth rate, also the fastest in two decades, may not slow as much as economists originally thought.

By: DocMemory
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