The Institute for Supply Management,a buyers' trade group,has recorded gains in the manufacturing sector for the third straight month.The October reading for the sector came in at 55.7,up from 52.6 in September.The October estimate had been 53.0.Readings above 50 indicate growth in manufacturing.October's number was the highest since April 2006.
The growth tracked by the ISM was attributed to stronger U.S. exports,inventory restocking and government stimulus programs.It manifested itself in expansion of manufacturing employment for the first time in 15 months,registering at 53.1 in October,up from September's 46.2.
The ISM is located in Tempe,Arizona,which is adjacent to Phoenix.Its reports are based on surveys of hundreds of businesses.
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