NATIONWIDE MANUFACTURING INDEX SURPRISES TO UPSIDE

The Institute for Supply Management’s (ISM’s) October 2014 Purchasing Managers Index increased to 59.0 from 56.5 last month, indicating that manufacturing expanded for the seventeenth month in a row (any reading above 50.0 indicates growth). New Orders, Production, Employment and Backlog also grew. Overall, 16 of the 18 manufacturing sectors the index tracks reported growth, with only Petroleum & Coal Products showing contraction.  These ISM readings reportedly surprised economists who had predicted slower growth based on PMI readings in Europe, China and elsewhere. See the full ISM report here.

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