Factory data, construction spending show solid growth

Washington

US factory activity accelerated to a two-year high in December amid a surge in new orders and employment, suggesting some of the oil-related drag on manufacturing was fading.

Other data on Tuesday showed construction spending hitting a 101/2-year high in November, which could provide a lift to fourth-quarter economic growth. The reports suggested president-elect Donald Trump was inheriting a strong economy, marked by a labour market that is near full employment, from the Obama administration.