America's manufacturing sector slowed for a third month in October
Posted November 1, 2019 10:27 a.m. EDT
CNN — American factory activity slowed for the third month in a row in October.
The Institute of Supply Management's manufacturing index came in at 48.3 on Friday, slightly below the consensus estimate of 48.9, showing that the sector continued to contract last month. The index measures month-to-month changes in the industry.
The figure was a slight rebound compared with the September data, which was the worst monthly figure in a decade. The sector began contracting in August for the first time in three years.
"Comments from the panel reflect an improvement from the prior month, but sentiment remains more cautious than optimistic," said Timothy Fiore, chair of the ISM's manufacturing business survey committee.
America's factories have been hit by a downturn in global demand as the world economy slows and repercussions from the trade war become increasingly apparent.
Investors shrugged off the factory downturn, as the stock market climbed higher Friday, buoyed by a better-than-expected jobs report.