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US manufacturing sector growth eases in September: ISM

Construction workers as they dig with Caterpillar equipment for foundation work on a townhouse in Aldie, Virginia.

[NEW YORK] The pace of growth in the US manufacturing sector slowed in September while remaining at its lowest level since May 2013, according to an industry report released on Thursday.

The Institute for Supply Management (ISM) said its index of national factory activity fell to 50.2 from 51.1 the month before. The reading was shy of the expected 50.6, according to a Reuters poll of economists.

A reading above 50 indicates expansion in the manufacturing sector.

The new orders subindex fell to 50.1 from 51.7 to mark the lowest level since Nov 2012. The prices paid index fell to 38.0 from 39.0 to mark the weakest level since February, disappointing expectations for 39.3.

The employment index slipped to 50.5 from 51.2 to remain at its lowest level since April, while the imports index slipped to 50.5 from 51.5 to remain at its lowest level since Jan 2013.