Tempe, AZ, Nov. 1, 2013 -- Economic activity in the manufacturing sector expanded in October for the fifth consecutive month, and the overall economy grew for the 53rd consecutive month, say the nation's supply executives in the latest Manufacturing ISM Report On Business.
The PMI registered 56.4%, an increase of 0.2 percentage point from September's reading of 56.2%.
The PMI has increased progressively each month since June, with October's reading reflecting the highest PMI in 2013.
The New Orders Index increased slightly in October by 0.1 percentage point to 60.6%, while the Production Index decreased by 1.8 percentage points to 60.8%.
Both the New Orders and Production Indexes have registered above 60% for three consecutive months.
Of the 18 manufacturing industries, 14 reported growth in October.