U.S. factory growth cools from 13-year high in October: ISM

FILE PHOTO: A production line employee works at the AMES Companies shovel manufacturing factory in Camp Hill, Pennsylvania, U.S. on June 29, 2017. Picture taken on June 29, 2017. REUTERS/Tim Aeppel

NEW YORK (Reuters) - The U.S. manufacturing sector’s growth slowed in October from the previous month, when it hit the fastest pace in 13 years, but signaled the economy remained on firm footing after disruptions from two major storms, an industry report showed on Wednesday.

The Institute for Supply Management (ISM) said its index of national factory activity fell to 58.7 from 60.8 the month before. The reading was just below expectations of 59.5 from a Reuters poll of 73 economists.

A reading above 50 indicates expansion in the manufacturing sector and a reading below 50 indicates contraction.

The employment index fell to 59.8 from 60.3 a month earlier.

The component on new orders slipped to 63.4 from 64.6. The prices paid index declined to 68.5 from 71.5.

Reporting by Richard Leong; Editing by David Gregorio