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U.S. Manufacturing Expands at Fastest Pace in 13 Years

Powered by robust order growth and healthy production, American manufacturing expanded last month at the fastest pace in 13 years, figures from the Institute for Supply Management showed on Oct. 2.

U.S. Manufacturing Expands at Fastest Pace in 13 Years

Factory index climbed to 60.8 (est. 58.1), the highest since May 2004, from 58.8; readings above 50 indicate expansion

Measure of new orders increased to 64.6, the strongest since February, from 60.3 Employment gauge rose to 60.3, the best reading in more than six years, from 59.9 Index of prices paid advanced to 71.5, the highest since May 2011, from 62

The strength of the advances in the ISMís gauges partly reflects impacts from hurricanes Harvey and Irma. Harvey forced the shutdowns of Houston-area refineries and chemical plants. Many retail establishments, including car dealerships, were flooded in the storms and merchandise was destroyed.

Timothy Fiore, the ISM survey committee chairman, said that the most direct impact from the storms was in the supplier deliveries index, indicating slower deliveries; that gauge factors into the overall index.

Seventeen of 18 industries reported growth in September; only furniture makers showed contraction, according to ISM.

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