Mubasher: Economic activity in the US manufacturing sector grew at a slower pace in October, while the overall economy advanced for the 114th consecutive month, the Institute for Supply Management (ISM) said on Thursday.

The US ISM PMI dropped 2.1% to 57.7% in October, compared with the reading of 59.8% in September.

This is the 26th straight month of manufacturing expansion, driven by “moderately strong production output and continued supplier delivery performance issues,” chair of ISM business survey committee Timothy R. Fiore commented.

A reading above 43.2% over a period of time, generally indicates an expansion of the overall economy, the ISM noted.

The production index came in at 59.9% in October, compared with 63.9% in the previous month, while the gauge for supplier deliveries rose 2.7% to 63.8%.

The index for new orders dipped 4.4% to 57.4% in October, while the employment index registered 56.8, declining 2% month-on-month.

By 1:56 pm GMT, the US dollar index fell 0.70% to 96.4480.