Manufacturing Activity Declines
NEW YORK (AP) _ Manufacturing activity declined for the 15th consecutive month in October, pushed lower by the Sept. 11 terrorist attacks in Washington and New York.
The Tempe, Ariz.-based National Association of Purchasing Management said Thursday that its index of business activity plunged to 39.8 from 47 in September. Analysts had been expecting a reading of 44.5.
An index above 50 signifies growth in manufacturing, while a figure below 50 shows contraction.
``The manufacturing sector received a very significant setback driven by the events of September 11,″ said Norbert J. Ore, who oversees the monthly report. ``The decline in production and new orders are among the largest in the history of our report, which began in 1931.″