Economics
U.S. Manufacturing Gauge Pulls Back on Slower Orders, Production
- ISM purchasing managers index still exceeds pre-pandemic level
- Gauge of factory orders declines after hitting 16-year high
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U.S. manufacturing expanded in September by less than forecast as new orders pulled back from a 16-year high and production softened.
A gauge of factory activity decreased to 55.4 from 56 a month earlier that was the strongest since late 2018, according to data from the Institute for Supply Management released Thursday. Readings above 50 indicate manufacturing is expanding, and September’s figure was weaker than the 56.5 median projection of economists in a Bloomberg survey.