U.S. Manufacturing Expands at Faster Pace in October
U.S. manufacturing expanded for the second straight month in October, boosted by growth in new orders and production.
The Institute for Supply Management said Thursday that its index of factory activity rose last month to 51.7, up from September’s reading of 51.5. A reading above 50 indicates expansion.
The ISM is a trade group of purchasing managers. Previous surveys showed manufacturing contracted from June through August.
The figure is slightly below the average for the year of 52.2. Other reports have suggested that manufacturing is slowing, hampered by less business investment and fewer exports.