Investing.com - Manufacturing activity in the U.S. fell more than expected in October, but remained close to the highest level in several years, industry data showed on Wednesday.
The Institute for Supply Management said its index of purchasing managers inched down to 58.7 last month from a reading of 60.8 in September, which was a 13-1/2/-year high. Analysts had expected the manufacturing PMI to dip to 59.5 in October.
The New Orders Index registered 63.4, a decrease of 1.2 points from the September reading of 64.6.
The Employment Index registered 59.8, a decrease of 0.5 points from the September reading of 60.3.
The Prices Index registered 68.5 in October, a 3.0-point decrease from the September level of 71.5.
On the index, a reading above 50.0 indicates industry expansion, below indicates contraction.
Comments from the panel reflect expanding business conditions, with new orders, production, employment, order backlogs and export orders all continuing to grow in October, supplier deliveries continuing to slow and inventories contracting during the period.
The US dollar index, which tracks the greenback against a basket of six major rivals, was at 94.66, compared to 94.72 ahead of the report.
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