U.S. manufacturing sector grows for 15th month in October

10:01, November 02, 2010      

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The U.S. manufacturing sector grew for the 15th consecutive month in October, indicating the economic recovery continues, a leading industry survey reported on Monday.

The U.S. Institute of Supply Management (ISM) manufacturing index, also known as the purchasing managers index, stood at 56.9 percent in October, up from 54.4 in September.

The figure was better than market expectation of a small fall. A reading above 50 percent indicates an expanding manufacturing sector.

"The manufacturing sector grew in October, with both new orders and production making significant gains," said Norbert Ore, chair of the ISM.

"This month's report signals a continuation of the recovery that began 15 months ago," he said.

According to the latest government data, the U.S. economy grew at 2 percent in the second quarter of 2010, lower than the 2.7 percent in the first quarter. But economists expect that growth quarter may pick up some strength in the third quarter.

Source: Xinhua


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