Manufacturing Activity Improves in October, ISM Reports
U.S. manufacturing activity rose in October, matching August as the highest level since March 2011, the Institute for Supply Management reported Nov. 3.
ISM’s monthly factory index rose to a reading of 59 from 56.6 in September, the group said in its monthly report.
Figures of more than 50 indicate expansion, while below that level show contraction.
The reading was higher than economists’ median forecast of a 56.1 reading.
The factory employment index rose to 55.5 from 54.6 in September, and the production index rose to 64.8, the highest since May 2004, from 64.6.
The prices paid index fell to 53.5, the lowest this year, from 59.5. The drop reflects cheaper energy and raw materials costs.
ISM’s factory index measures manufacturing components of the economy.
