Economics
U.S. Manufacturing Gauge Expands at Fastest Pace Since 2018
- ISM’s measure of new orders strongest since early 2004
- More factories boosting employment as index shows growth
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U.S. manufacturing expanded in October at the fastest pace in more than two years, fueled by the strongest orders growth since early 2004 and a pickup in employment.
A gauge of factory activity increased to 59.3 from 55.4 a month earlier, according to data from the Institute for Supply Management released on Monday. Readings above 50 indicate manufacturing is expanding, and the index exceeded all economists’ estimates in a Bloomberg survey, which had a median projection of 56.