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US manufacturing sector growth slows in October: ISM

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

The Institute for Supply Management (ISM) said its index of national factory activity fell to 50.1, its fourth straight monthly decline, from 50.2 the month before. The reading was just above of expectations of 50.0, according to a Reuters poll of economists.

A reading above 50 indicates expansion in the manufacturing sector.

The employment index fell to 47.6, the first time below 50 since April and its lowest level since August 2009. Expectations called for a reading of 50.1.

New orders rose to 52.9 from 50.1. Prices paid was up at 39.0 from 38.0, compared to expectations of 38.0.