In October, the Institute for Supply Management’s (ISM) manufacturing index rose to a three-year high of 59.0, a 2.4 point increase compared with September. The rise in the headline index completely reversed losses from the previous month. The ISM has now indicated expansion in the manufacturing sector for 17 consecutive months. With the exception of the prices and new export orders subindexes, all major subindexes rose, led by new orders, which increased 5.8 points compared with the previous month. The production subindex reached its highest level since May 2004, rising 0.2 points to 64.8. According to the survey, 16 of 18 industries reported growth during October.
