ISM Manufacturing Index Falls to 13-Month Low
he Institute for Supply Management said Monday its manufacturing index fell to a 13-month low in October after the third straight decline.
The index dropped 56.8 from 58.5 in September. Readings higher than 50 still indicate expansion. The manufacturing sector is one of trucking's largest and most important customers.
The decline in the index suggested that higher energy prices may be beginning to restrain growth, Bloomberg reported.
The production index, a gauge of work being performed, fell to 58.9, the lowest since July 2003. The index was 61.6 in September.
The employment index dropped to 54.8, the lowest since January, from 58.1. The index of inventories fell to 48.2 from 51, indicating inventories are being rebuilt at a slower pace.
