US Manufacturing Expands At Best Pace In 2½ Years
Source: Associated Press
By CHRISTOPHER S. RUGABER — AP Economics Writer
WASHINGTON — U.S. factory activity expanded in October at the fastest pace in 2½ years, suggesting that the 16-day partial shutdown of the government had little effect on manufacturers.
Instead, overseas demand and healthy U.S. auto sales appear to be supporting factory output. The housing recovery is also lifting the furniture and wood products industry despite a recent slowing in home sales.
"We've become accustomed to the way Washington operates in the past couple of years and assume that it will get resolved eventually, however painfully," said Bradley Holcomb, head of the survey committee of the Institute for Supply Management, a trade group of purchasing managers that on Friday reported a solid manufacturing figure for October.
The ISM's manufacturing index rose to 56.4 from 56.2 in September. A reading above 50 indicates growth.
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