Area Development
The Institute for Supply Management (ISM) said that in October the American manufacturing sector expanded for the 27th consecutive month, and the overall economy grew for the 29th consecutive month. But even as new orders, production and employment are growing, inventories are contracting and supplier deliveries are slowing.

However, it's already been reported that some analysts believe this data could indicate the U.S. may avert a recession in the near future.

All eyes are on the PMI reading, registering 50.8 percent last month. (A reading above 50 percent indicates the manufacturing economy is generally expanding; below 50 percent indicates it is generally contracting.) Although the PMI decreased 0.8 percentage point from September's reading of 51.6 percent, it still remains about 50 percent-a good value.

Eight of the 18 manufacturing industries reported growth in October. In order, they are: Computer & Electronic Products; Petroleum & Coal Products; Food, Beverage & Tobacco Products; Nonmetallic Mineral Products; Primary Metals; Fabricated Metal Products; Paper Products; and Machinery. The six industries which reported contraction, in order, are: Plastics & Rubber Products; Chemical Products; Apparel, Leather & Allied Products; Printing & Related Support Activities; Electrical Equipment, Appliances & Components; and Miscellaneous Manufacturing.

Other key data in ISM's latest manufacturing "Report On Business" include: