US Manufacturing Contracts Further in October; Supplier Delivery Times Lengthen

MANUFACTURING - WASHINGTON. U.S. manufacturing contracted for an eighth straight month in October as new orders remained subdued, and suppliers were taking longer to deliver materials to factories against the backdrop of tariffs on imported goods.

The Institute for Supply Management (ISM) said on Monday its manufacturing PMI fell to 48.7 last month from 49.1 in September. A reading below 50 indicates contraction in manufacturing, which accounts for 10.1% of the economy.