U.S. manufacturing activity declined in October but showed expansion for a 27th consecutive month, the Institute for Supply Management said Tuesday.
ISM’s monthly factory index fell to a reading of 50.8, from 51.6, in September, the group said in its monthly report. Figures over 50 indicate expansion.
The reading was below economists’ projections of a rise to 52, Bloomberg reported.
New orders rose 2.8% for the month, turning around three months of contraction.
ISM’s factory index measures manufacturing components of the economy.
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