US factory activity growth rebounds in October: ISM

Washington

MANUFACTURING in the US expanded in October at a faster pace than forecast, indicating the industry remains a pillar of strength for the world's largest economy.

The Institute for Supply Management's factory index increased to 59 in October, matching August as the highest since March 2011, after 56.6 the prior month, the Tempe, Arizona-based group's report showed on Monday. Readings above 50 indicate expansion. A gauge of production was the strongest in a decade.