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/ 89.171.85.* / 2009-11-02 16:42
DEARBORN, Mich. - Ford, the only Detroit automaker to dodge direct government aid and bankruptcy court, surprised investors with net income of nearly $1 billion in the third quarter and forecast a "solidly profitable" 2011.
The latest results signal that Ford's turnaround is on more solid ground. The company lost more than $14.6 billion last year and hasn't posted a full-year profit since 2005. While it made a profit in the second quarter, that was mainly due to debt reductions that cut its interest payments.
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The National Association of Realtors said its Pending Home Sales Index, based on contracts signed in September, rose 6.1 percent 110.1 — the highest level since December 2006. It was the eighth straight monthly rise in the index, the longest streak since the measurement started in 2001.
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NEW YORK - A private measure of U.S. manufacturing activity grew in October at the fastest pace in more than three years, helped by government spending and higher demand from overseas. The better-than-expected reading is a positive signal for the fledgling economic recovery.
The Institute for Supply Management, a trade group of purchasing executives, said Monday that its manufacturing index read 55.7 last month, compared with 52.6 in September. It's the third straight reading above 50, which indicates growth.
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WASHINGTON - Construction spending in September posted a better-than-expected performance, powered by the largest jump in housing construction in more than six years.
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