Manufacturing PMI hits 3½-year high in Oct.

Nov 03, 2009 | 07:44 AM | Corinna Petry

Driven by production and employment gains, the manufacturing economy expanded by 3.1 percentage points in October, the highest rate of growth in three-and-a-half years and the third consecutive monthly gain, according to the latest report from the Institute for Supply Management (ISM).

The manufacturing purchasing managers index (PMI) jumped to 55.7 percent in October from 52.6 percent the previous month. On an annualized basis, the PMI would equate to a 4.5-percent increase in real gross domestic product, according to Norbert J. Ore, chairman of ISM's Manufacturing Business Survey Committee. October's index marked the highest rate of growth since April 2006, when the manufacturing PMI stood at 56 percent.....

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