Investing.com - Manufacturing activity in the U.S. fell more than expected in October, as new orders weakened to their lowest since April 2017, industry data showed on Thursday.
The Institute for Supply Management said its index of purchasing managers declined to 57.7 last month from a reading of 59.8 in September.
Analysts had expected the manufacturing PMI to dip to 59.0.
On the index, a reading above 50.0 indicates industry expansion, below indicates contraction.
The New Orders Index registered 57.4, a decrease of 4.4 points from the September reading of 61.8.
The Employment Index registered 56.8, a decrease of 2.0 points from the September reading of 58.8.
The Prices Index registered 71.6 in October, a 4.7-point increase from the September level of 66.9.
Commenting on the report, Timothy Fiore, Chair of the ISM Manufacturing Business Survey Committee, said, " Overall, the manufacturing community continues to expand, but at the lowest level since April 2018."