The U.S. ISM manufacturing index was expected to show a contraction in activity in October, the third month in a row.
A man using an angle grinder on a steel piece at a metal fabrication company on August 7, 2018 in Orange County, New York.A gauge of U.S. manufacturing showed the sector continued to contract in October, the third straight month of slowdown amid global trade uncertainties.
The purchasing manufacturing index from the Institute for Supply Management came in at 48.3% last month, compared with a 47.8 reading in September. But it was below economists' expectations of 49.1%. A number below 50 represents a contraction in the industry. The sector showed its first contraction in August, ending a 35-month expansion period where the PMI averaged 56.5%, according to ISM. The manufacturing gauge had its lowest reading since June 2009 in September as exports dived amid the escalated trade war.
"Comments from the panel reflect an improvement from the prior month, but sentiment remains more cautious than optimistic," Timothy Fiore, chair of the ISM Manufacturing Business Survey Committee, said in a statement. The Production Index registered 46.2 percent, down 1.1 percentage points compared to the September reading of 47.3 percent. The Backlog of Orders Index registered 44.1 percent, down 1 percentage point compared to the September reading of 45.1 percent
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