NEW YORK -- The U.S. manufacturing sector grew in October for the third consecutive month and at a faster rate than was expected, according to an industry report released on Monday.
The Institute for Supply Management said its index of national factory activity rose to 55.7 in October from 52.6 in September. The median forecast of 74 economists surveyed by Reuters was for a reading of 53.
The October reading was the highest since 56.0 in April 2006.
A reading below 50 indicates contraction in the manufacturing sector, while a number above 50 means expansion.
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