Pace of US factory activity picks up in October

Nov 3, 2014 11:13 AM by News Staff

WASHINGTON (AP) - A private survey finds U.S. factories were busier in October, with orders, productivity and hiring all growing faster than they did in September.

The Institute for Supply Management, a trade group of purchasing managers, reports that its manufacturing index rose to 59 last month from 56.6 in September. Any reading above 50 signals expansion. The increase reverses a drop in September.

Sixteen of 18 manufacturing industries grew last month. Only petroleum and coal reported a decrease in activity.

Overall, the U.S. economy has shown signs of strength. The Commerce Department reported last week that U.S. economic growth came in at an annual rate of 3.5 percent from July through September.

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