NEW YORK, Nov. 1 (UPI) -- An index of U.S. manufacturing activity showed further growth in October but at the slowest pace in a year, Markit Economics said Friday.
The economic research firm revised upward its flash estimate of the PMI -- purchasing managers index -- for manufacturing in October, to 51.8 from 51.1, but the final estimate is 1 percentage point behind September's 52.8.
In a separate assessment, the Institute for Supply Management pegged the manufacturing sector's PMI at 56.4 in October, 0.2 percentage points higher than its September mark of 56.2.
The new orders index from ISM was posted as 60.6 for October, one tick higher than September, while Markit posted its new orders index at 52.7, down from 53.2 in September.
Markit's employment index showed a faster rate of growth, at 52.7 compared to September's 51.3. At ISM, the index measuring the number of employees slipped from 55.4 to 53.2.
ISM said 14 of 18 manufacturing sectors showed growth in October. Markit was more pessimistic.
"While better than the earlier flash reading, the final PMI data indicate that the U.S. manufacturing sector ground to a near standstill in October," said Markit Chief Economist Chris Williamson.
Williamson said the near-term outlook remained uncertain, as manufacturers allowed inventories to drop at the fastest rate since 2009 but he said, "encouragingly, it looks like companies are expecting the slowdown to be temporary, most likely linked to the government shutdown, as indicated by an upturn in the rate of job creation."
