U.S. manufacturing expanded during September but the pace of growth at American factories slowed from August, which was the best monthly showing since March 2011, according to an industry report released on Wednesday.
The Institute for Supply Management (ISM) said its index of national factory activity eased to 56.6 in September from 59.0 in August. The reading fell short of expectations of 58.5, according to a Reuters poll of economists. A reading above 50 indicates expansion in the manufacturing sector.
The employment gauge slipped in September to 54.6 from 58.1 in August, below expectations for a reading of 57.5. The new orders index dropped to 60.0 from 66.7. The gauge of prices paid rose to 59.5 from 58.0, beating forecasts of 57.0 in the Reuters poll.
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