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U.S. markets recover from steep losses
TEMPE, Ariz., Dec. 3 (UPI) -- The U.S. manufacturing sector grew for the 10th straight month, while the overall economy grew for the 73rd month, a national report said Monday.
The Institute for Supply Management said its index of manufacturing activity moved to 50.8 in November compared to 50.9 in October and 52 in September, the private research group based in Tempe, Ariz., said Monday in a news release.
While manufacturing's rate of growth was down slightly compared to October, "manufacturing continues to grow due to continuing strength in new orders and a recovery in production from last month," the latest Manufacturing Business Survey said in a news release.
Prices that are driven higher by energy prices "are once again the major concern," said Norbert Ore, institute chair.
A reading above 50 percent indicates the manufacturing economy is generally expanding, the institute said, while a reading below 50 percent indicates it is generally contracting.
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