US Manufacturing Activity Contracts for Seventh Straight Month
- ISM’s factory index fell to lowest since July 2023 in October
- Production index monthly drop was most since April 2021
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US manufacturing activity shrank in October for a seventh month to the lowest reading since July 2023, dragged down by a drop in production and shrinking inventories.
The Institute for Supply Management’s factory gauge fell to 46.5, data out Friday showed. Manufacturing activity has now been contracting — meaning a reading below 50 — every month expect one in the past two years.