Manufacturing Picks Up in October

Washington, DC, Nov. 1, 2012 -- American manufacturing expanded at a slightly faster pace in October, according to the Institute for Supply Management's index of purchasing managers.

The index edged up to 51.7% in October from 51.5% in September and a three-year low of 49.6% in August.

Economists had forecast the index to fall to 50.5%. Readings above 50% indicate business is improving.