Moments ago, the Institute for Supply Management (ISM) released its October index results. For the fourth straight month, the ISM index reflected slower growth in the U.S. manufacturing sector. The ISM index dropped to 50.9% in October, down from September's reading of 52% and larger than the expected drop to 51.5%. This reading indicates that most firms were growing, as it came in greater than 50%. While October marked the fourth straight monthly decline, it was also the ninth straight month that the index has come in above 50%.
The new orders index dropped to 52.5% from September's reading of 53.4%. The production index also slipped to 49.6% from September's reading of 54.6%. Finally, the prices paid index marked an increase to 63% from 59% in September.