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March 1, 2004 10:02 AM, EST

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he Institute for Supply Management said Monday its factory index for February was 61.4, down from a reading of 63.6 the month before, which was highest level since December 1983.

February was the fourth month the index has exceeded 60 and the 10th month it has been greater than 50, which signals expansion. Manufacturing is one of trucking's largest and most important customers.

In another report, the Commerce Department said construction spending dipped 0.3% to $931.18 billion annual pace in January, following an upwardly revised 0.6% increase in December.

The decline was the first since May 2003. Although outlays for residential construction, the largest single sector in the report, held virtually steady in January, spending on new office and commercial building lagged, Commerce said.

ISM said its employment index rose to 56.3 from 52.9. The index of inventories rose to 49.4 from 48.9, indicating inventories are being run down at a slower pace.

he new orders index slipped to 66.4 from 71.1 in January, while the production index fell to 63.9 from 71.1.

ISM surveys more than 400 companies in 20 industries, including clothing, printing, transportation, furniture and plastics.