ISM Manufacturing Index Slips in October

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.