WASHINGTON, D.C.: US manufacturing activity contracted in October by more than analysts had expected as new orders fell sharply, survey data showed on Wednesday. The Institute for Supply Management's (ISM) manufacturing index came in worse than expected at 46.7 percent last month, down from 49.0 percent in September. "The US manufacturing sector continued to contract and at a faster rate in October," ISM survey chief Timothy Fiore said in a statement. Of the five subindexes that directly factor into the manufacturing index, only the production index was expanding, he said. He added that recent Chinese manufacturing data indicates the US may also benefit from a modest boost from external demand.

Source: Manila Times November 03, 2023 11:44 UTC