U.S. Manufacturing activity expanded in October for the third consecutive month, while the overall economy grew for the sixth consecutive month, according to a survey from the Institute of Supply Management.
The rate of growth in October on the Purchasing Managers Index (PMI) was at 57.7 percent, the highest since April 2006 when PMI was at 56 percent, according to a report issued on Monday.
The rate of growth is the highest since April 2006 when PMI was at 56 percent, said Norbert J. Ore, chair of the ISM.
Factors driving production were continuing strength in new orders. Meanwhile employment was also growing “due to some callbacks and opportunities for temporary workers,” Ore said.
“Overall, it appears that inventories are balanced and that manufacturing is in a sustainable recovery mode,” he added.