United States manufacturing activity grew at its slowest pace in nearly two and a half years in October as the Federal Reserve’s aggressive push to raise interest rates to quash inflation cools demand for goods.The Institute for Supply Management said on Tuesday that its Purchasing Managers Index fell to 50.2 last month from 50.9 in September, both the lowest readings since May 2020.A reading above 50 signals expansion in manufacturing, which accounts for 11.9 percent of the US economy. Economists polled by Reuters had forecast the index declining to 50.
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