ISM manufacturing index falls to lowest level since May 2013

WASHINGTON (MarketWatch) - U.S. manufacturers grew in October at the slowest rate in more than two years, a survey of executives found. The Institute for Supply Management said its manufacturing index fell slightly to 50.1% last month from 50.2%. That's the lowest level since May 2013. Economists surveyed by MarketWatch had forecast the index to rise to 51%. Readings over 50% indicate more companies are expanding instead of shrinking. The employment gauge dropped 2.9 points to 47.6%, marking the lowest level since the U.S. exited the Great Recession in mid-2009. Yet the ISM's new-orders index rose 2.8 points to 52.9%, a three-month high.