Strength of new orders lifts PMI to 56.9 percent in Oct.
Nov 01, 2010 | 10:34 AM
| Corinna Petry
Economic activity in the U.S. manufacturing sector reversed course in October to post a gain, as a rise in new orders put the monthly Purchasing Managers Index (PMI) at 56.9 percent.
That's up 2.5 points from September's 54.4 percent, the Institute for Supply Management (ISM) said on Monday. A PMI reading above 50 percent indicates the manufacturing economy is expanding; below 50 percent indicates it is contracting.
"Since hitting a peak in April, the trend for manufacturing has been toward slower growth (but) this report signals a continuation of the recovery that began 15 months ago, and its strength raises expectations for growth in the balance of the quarter," Norbert J. Ore, who chairs ISM's Manufacturing Business Survey Committee, said Monday.....
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