TEMPE, Ariz. — Economic activity in the U.S. manufacturing sector expanded in October for the second consecutive month following three months of slight contraction, and the overall economy grew for the 41st consecutive month, according to the Institute for Supply Management’s latest report.
The Purchasing Managers’ Index (PMI) registered 51.7 percent, an increase of 0.2 percentage point from September''s reading of 51.5 percent, indicating growth in manufacturing at a slightly faster rate.
Additionally, the New Orders Index increased 1.9 percentage points, indicating growth in new orders for the second consecutive month, and the Production Index registered 52.4 percent, an increase of 2.9 percentage points over last month.
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Of the 18 manufacturing industries, eight reported growth in October in the following order: Petroleum & Coal Products; Furniture & Related Products; Apparel, Leather & Allied Products; Paper Products; Miscellaneous Manufacturing; Food, Beverage & Tobacco Products; Plastics & Rubber Products; and Chemical Products.