Manufacturing sector picks up in Oct: ISM
NEW YORK (Reuters) - The pace of growth in the manufacturing sector picked up modestly in October as new orders improved, though a measure of employment slowed, an industry report released on Thursday showed.
The Institute for Supply Management (ISM) said its index of national factory activity rose to 51.7 from 51.5 in September, topping economists' expectations for a slight decline to 51.2, according to a Reuters poll of economists.
A reading above 50 indicates expansion in the manufacturing sector. It was the second month in a row the sector has grown after contracting through the summer.
After helping support the U.S. economic recovery, the sector has faltered recently in the midst of slower growth in China and uncertainty surrounding the euro zone debt crisis.
- Special Report: Thailand secretly supplies Myanmar refugees to trafficking rings |
- NSA gathers data on cellphone locations globally: report
- The 10 Most Corrupt and Least Corrupt Countries in the World
- Dementia epidemic looms with 135 million sufferers seen by 2050
- Obama says he's not allowed iPhone for 'security reasons'