U.S. manufacturing output dropped for the third straight month in October as trade tensions and a slowing global economy took a toll on American factories.
The Institute for Supply Management, an association of purchasing managers, said Friday that its manufacturing index blipped up to 48.3 last month from 47.8 in September, the first uptick since March. But anything below 50 signals a contraction and manufacturing has been on a three-month losing streak.
Twelve of 18 manufacturing industries contracted in October, led by primary metals, clothing and textile mills. "A business owner can't make decisions fast enough to keep up," said Kip Eideberg, senior vice president of government and industry relations at the Association of Equipment Manufacturers. Also Friday, the Labor Department reported that the United States shed manufacturing 41,000 jobs in October — though that loss reflected a strike at General Motors.
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