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U.S. manufacturing grew for a 12th straight month in July, providing a boost to the slowing economic recovery, the Institute for Supply Management said swiss shoesMonday. Wall Street reacted favorably to the report, the first major economic indicator for July, causing the Dow Jones industrial average to surge 208 points. Though its growth has steadily slipped since peaking in April, manufacturing helped drive the early stages of the recovery. The index fell to 55.5 in July from 56.2 in June, though it remains well above the 32.5 reading in December 2008, the low point during the recession. For the last year, the index has stayed above 50, which indicates expansion. Measures of production and new orders, MBT M.Walk Shoeswhich signal future business, both grew more slowly last month. But more manufacturers said they were willing to hire, which could help ease high unemployment. Though the manufacturing sector stays healthy, the construction industry has struggled since the federal government ended a popular home buyers tax credit April 30. Construction spending edged up slightly in June, but the boost was because of government projects, according to a separate report Monday from the Commerce Department. Private-sector activity fell. Spending on housing construction dropped in JuneMBT Mens M.Walk Shoes for a second consecutive month, sliding 0.8% after an even bigger 1.5% decline in May. Spending on nonresidential building projects tumbled for a 15th consecutive month, dropping 0.5% in June. This sector has been hit hard by the economic downturn, which has triggered rising defaults on commercial real estate projects. That has prompted banks to tighten lending standards and made it harder for builders to get financing for new projects. But overall public construction rose 1.5%, reflecting a 1.1% increase in spending by state and local governments on roads, sewer projects and public buildings, and a 4.6% increase in federal government spending on projectsMBT Womens M.Walk Shoes. The recovery remains slow, Federal Reserve Chairman Ben S. Bernanke said Monday in a speech to an annual meeting of Southern lawmakers in Charleston, S.C. "We have a considerable way to go to achieve a full recovery in our economy, and many Americans are still grappling with unemployment, foreclosure and lost savings," he said. Unemployment has been near double digits all year and economists expect it to stay that way through the rest of the year. Businesses are adding jobs, but not enough to bring down the unemployment rate. As a result, consumers are holding back on their spending. But the worst of theMBT Sapatu Shoes financial crisis is behind the nation, Bernanke said, and the economy is growing again.

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