US manufacturing growth picks up pace

The U.S. manufacturing sector expanded in October for the fifth consecutive month, and the growth picked up pace from the previous month, a leading industry survey showed Friday. The U.S. Institute of Supply Management (ISM) said the manufacturing index, also known as the purchasing managers index (PMI), edged up from 56.2 percent in September to 56.4 in October. A reading above 50 percent indicates the sector is generally expanding, while a reading below 50 percent indicates contraction. The new orders index inched up from 60.5 to 60.6 percent in October, while the production index decreased by 1.8 percentage points to 60.8 percent. Of the 18 manufacturing industries, 14 reported growth last month including textile and food, beverage & tobacco products. Four industries, including apparel, reported contraction, the ISM said. Manufacturing has been a bright spot in output and employment since the recession ended in June 2009. But the sector has shown signs of fluctuation in recent months.