US manufacturing sector continues expansion in October
Washington, Nov 2 (IANS) US manufacturing activity continued expansion in October, while new orders saw eased growth momentum in the month.
The manufacturing index, also known as the purchasing managers index (PMI), registered 51.9, an increase of 0.4 point from September’s reading of 51.5, the Institute for Supply Management (ISM) said in a report on Tuesday, Xinhua news agency reported.
A reading above 50 indicates the sector is generally expanding, while a reading below that level indicates contraction.
The new orders index dropped by 3 points from the previous month to 52.1; production index went up 1.8 points to 54.6; and employment index rose 3.2 points to 52.9.
Of the 18 manufacturing industries, ten were reporting growth in October, while eight industries reported contraction.
Businesses surveyed are largely positive as they reported the economic condition is favorable and the sales remained steady, said the ISM.