US manufacturing slumps less than expected in September

WASHINGTON, Oct 02 (AFP): US manufacturing beat predictions to contract by less than analysts expected in September despite continued weakness of new orders, survey data showed Monday.

The Institute for Supply Management's (ISM) manufacturing index came in higher than expected at 49 percent in September, up from 47.6 percent a month earlier.

This was 1.0 percent above the median expectation of economists surveyed by MarketWatch, but below the 50 percent threshold indicating growth in the sector.

"The US manufacturing sector continued its contraction trend but at a slower rate, recording its best performance since November 2022."