US manufacturing sector grew at fastest level in years in October
According to the latest figures released, the manufacturing sector of the US has recorded tis fastest growth in users during the month of October even as the US government faced partial shutdown during the month.
The data showed that export orders grew at its fastest rate in two years during the month of October. The latest Markit/Cips survey of purchasing managers fell slightly to 56 in October compared to 56.3 reading in September. A reading of more than 50 shows expansion while that of below 50 shows contraction in the industry.
The survey showed that the index for export orders rose to the level of 56.5 during the month of October compared to 53.6 earlier. The figure rose to its highest since February 2011 as the US manufacturers received higher orders from Asia, the United States, Europe, the Middle East and Russia.
Rob Dobson, a senior economist at Markit, said, "A sharp uptick in inflows of new export business was also one of the big stories from the latest figures, signalling that the UK is no longer being left behind in the chase to benefit from improving global markets."