Manufacturing Grew Faster Than Expected In October
Tempe, AZ (AHN) – Manufacturing in the U.S. grew faster than expected in October, the Institute for Supply Management reported Monday.
The group’s factory index rose to a three-year high of 55.7, which surpassed analysts’ predictions of 53. In September, the index figure was 52.6.
The upswing resulted from companies cutting inventories over the first six months of the year and falling stockpiles in the last quarter.
The ISM is a survey of purchasing managers. Results over 50 indicate that more companies are creating new products.
The employment index also improved in October, climbing to 53.1 from 46.2 in September after 14 monthly declines. The latest number indicates more companies are hiring, which the ISM was occurring primarily in called-back workers and adding temporary workers.
On Friday, the Labor Department will release the key report on October jobs and payrolls.
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