US factories grew more slowly in October
WASHINGTON (AP) — American manufacturers grew at a slower pace in October as factories contended with supply disruptions caused by trade disputes with China, Europe and other trading partners.
The Institute for Supply Management, an association of purchasing managers, says its manufacturing index slipped to 57.7 last month from 59.8 in September. Anything above 50 signals growth; manufacturers are enjoying a 26-month winning streak.
New orders, production, export orders and hiring grew more slowly. Thirteen of 18 manufacturing industries reported growth last month, led by textile mills.
American industry is generally healthy, but respondents to the ISM survey suggested that trade disputes are taking a toll. The United States has imposed taxes on imported steel and aluminum and on about $250 billion in Chinese products, drawing retaliation from U.S. trading partners.