US manufacturing growth accelerated in October as factory output rose at its fastest pace in nearly five years, the Institute for Supply Management said Monday.
The institute's manufacturing purchasing managers' index rose one point to 55.5, exceeding economists' expectations that it would remain unchanged from September's reading of 54.5.
A reading above 50 indicates expansion in manufacturing activity, while one below 50 signals contraction.
The production index climbed to 59 from 56.7, reaching its highest level since November 2021, according to the institute.
The new orders index edged up to 55.5 from 55.3, marking the 10th consecutive month of growth.
Meanwhile, the employment index slipped to 52.4 from 52.7, indicating a slower pace of hiring.
Twelve manufacturing industries reported growth, including plastics and rubber products, machinery, and computer and electronic products.
Three industries reported contraction: printing and related support activities, paper products, and nonmetallic mineral products.
ting in September, according to the survey.
