Factory growth rises, consumer spending up & Pending home sales rise 5.3 percent in March

NEW YORK (Reuters) – Manufacturing registered its fastest pace of growth in nearly six years in April while data on construction and consumer spending pointed to further strength in the economy.
Consumer spending, which accounts for over two-thirds of economic activity, rose in March for a sixth straight month, the Commerce Department reported on Monday.
The Institute for Supply Management (ISM) said its index of national manufacturing activity rose to 60.4 in April from 59.6 in March, beating Reuters' median forecast for a reading of 60. A rise in the employment component showed employers were more confident about hiring.
"This is a strong report on the economy, indicating that the production recovery continues to move ahead at a very good pace," said Brian Bethune, chief U.S. financial economist at IHS Global Insight in Lexington, Massachusetts.

WASHINGTON – The number of buyers who signed contracts to purchase homes surged more than expected in March, another sign that government incentives are propelling the housing market this spring.
The National Association of Realtors says its seasonally adjusted index of sales agreements for previously occupied homes rose 5.3 percent from a month earlier to a reading of 102.9.
It was the highest level since October and a 21 percent increase from the same month a year earlier. February's reading was revised upward slightly to 97.7. Economists surveyed by Thomson Reuters had expected the index would rise 4 percent to 101.5.
The index provides an early measurement of sales activity because there is usually a one- to two- month lag between a sales contract and a deal.