Details of economic news Friday

Some details of economic news Friday:

UNEMPLOYMENT

_Employers cut 17,000 jobs in January, the first such reduction in more than four years. As the labor force shrank, the unemployment rate declined to 4.9 percent from 5 percent in December, the Labor Department reported.

MANUFACTURING

_The Institute for Supply Management said its manufacturing index rose to a reading of 50.7 in January, from a revised reading of 48.4 in the previous month. A reading above 50 indicates growth.

CONSTRUCTION SPENDING

_Construction spending fell by a record 2.6 percent in 2007, after a 5.3 percent increase in 2006, the Commerce Department reported. For December, construction spending dropped 1.1 percent, the most in 15 months.

WALL STREET

_Stocks finished the day higher.