U.S. manufacturing showed signs of life in October, when thePMI, the index used to measure the strength of the industry, hit55.7 percent, marking the third straight month of growth, accordingto the latest report from Tempe, Ariz.-based Institute for SupplyManagement. The October PMI also posted the highest reading sinceApril 2006.
A reading above 50 percent indicates the manufacturing economyis generally in a period of expansion while a reading below 50indicates a general contraction of the industry.
Last month's jump was driven by gains in production andemployment, said Norbert Ore, chair of ISM's manufacturing businesssurvey committee.
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