Washington, DC, November 1, 2006--Factory activity decelerated in October, according to a report from the the Institute for Supply Management.
The ISM index fell to 51.2% in October from 52.9% in September. This is the lowest level since June 2003. Readings above 50 indicate expansion.
The decline was unexpected. Analysts were expecting the index to rise to 53.2%.
New orders fell to 52.1% in October from 54.2% in September.
The employment index rose to 50.8% from 49.4%. The price index fell sharply to 47.0% from 61.0%.
