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Manufacturing execs optimistic for 32 months in a row

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Manufacturing continued to expand in March, the 32nd consecutive month of growth, according to the according to the Institute of Supply Management, CNNMoney reported.

The Institute of Supply Management’s monthly index rose to 53.4 in March, from a 52.4 in February. Any reading above 50 indicates growth in the sector.

A survey of manufacturing company executives showed improvement in their hiring outlook, their production plans and the backlog of orders their factories are working to fill.

The reading was roughly in line with the forecasts of 53 economists surveyed by Briefing.com.

A separate report said that U.S. construction spending fell 1.1 percent to an annual rate of $808.86 billion, the lowest level since October, as investment in private and government projects fell, Reuters reported.