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Manufacturing Index Shows Growth in September, But At Slower Pace

Manufacturing in the United States grew in September for the second straight month, according to the Institute for Supply Management (ISM), but at a slower pace than industry analysts predicted. The ISM's September manufacturing index came in at 52.6, indicative of expansion in the sector -- any reading above 50 shows growth -- but lower than the August reading of 52.9. The Associated Press (AP) reports that industry analysts expected a reading of 54.0. ISM says only four manufacturing industries reported contraction in September: primary metals; furniture and related products; plastics and rubber products; and machinery. The ISM's employment index dropped to 46.2, the 14th consecutive month of contraction and an indication that manufacturing employers are still not ready to start hiring new workers. The index for October is will be released on November 2.

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