The numbers: A closely-followed index of U.S.-based manufacturing inched lower to 60.8% in October from 61.1% in the prior month, the Institute for Supply Management said Monday.
Economists polled by The Wall Street Journal had forecast a reading of 60.3%. Any number above 50% signifies growth. The index has been above the growth threshold for 17 straight months.
Big picture: Manufacturing is struggling with supply and shipping difficulties that aren’t seen as easing anytime soon. Labor shortages are at the heart of the woes. But despite these constraints, the sector has been able to continue to grow and sentiment in the industry remains strong.
Market reaction: Stocks
were mixed after the factory data was released.