TEMPE, Ariz., Nov. 3 (UPI) -- Declines in U.S. manufacturing activity accelerated in October, the Institute for Supply Management said Monday
The Purchasing Managers Index for August was 38.9, falling from 43.5, marking the third month the leading index has fallen, the monthly report said.
"The PMI indicates a significantly faster rate of decline in manufacturing when comparing October to September," said Norbert Ore, chairman of the institute's Manufacturing Business Survey Committee.
"It appears that manufacturing is experiencing significant demand destruction as a result of recent events," he said, pointing to the "lagging impact from higher oil prices," and the effects of two Gulf hurricanes.
The index uses 50 as a break-even point with figures above indicating growth and figures below indicating contraction.
In October, the employment index fell 7.2 percent, dropping to 34.6. The production index also fell, dropping 6.7 percent from 40.8 to 34.1. The export index turned away from a growing trend to fall 11 percent to 41, while the import index fell from 44 to 41, dropping for the ninth strait month.
