Growth in US manufacturing eased in October from 13-year high

[WASHINGTON] Manufacturing remained solid in October even as expansion at US factories cooled from a 13-year high a month earlier, figures from the Institute for Supply Management showed Wednesday.

ISM Manufacturing Factory index eased to 58.7 from September's 60.8; readings above 50 indicate expansion.

The ISM's measure remained above the 57.1 average so far this year through September, consistent with a firming-up in the industry.

Growth in manufacturing has been steady for the better part of two years, fueled by consumer spending and business investment. Exports have also rebounded this year as companies take advantage of a weak US dollar that's made American goods more attractive to overseas customers.

In September, the ISM's gauge was inflated by a surge in the supplier deliveries index, indicating longer lead times as producers scrambled to get back to normal operations following hurricanes Harvey and Irma. That measure fell in October while remaining well above its average from the first eight months of 2017.

BLOOMBERG