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| Growth slows in the manufacturing sector
NEW YORK - The nation’s manufacturing sector grew at a slower pace during October, boosted by rising orders but increasingly feeling the strain of a continuing rise in energy and raw materials prices. The Institute for Supply Management, which issued its monthly report on the U.S. economy’s industrial sector Tuesday, said its manufacturing index was at 59.1 percent last month, down from September’s 59.4 percent. “Rising prices and energy costs in particular, are of major concern as manufacturers are struggling to control costs,” Norbert Ore, chair of the ISM’s business survey committee. The Washington, D.C.-based ISM compiles its monthly economic reports from surveys of corporate purchasing executives. (Source: Associated Press) |
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