National manufacturing activity continues to decline
The Institute for Supply Management (ISM) reported the index of national factory activity fell to 38.9 in October, down from 43.5 in September. The contracted factory activity fell to its lowest in 26 years as all sectors of the globe continued to struggle with the financial crisis. The mark was well below the 50 level separating contraction from expansion in the market, and any mark below 40 is exceptionally weak. Economist had initially projected a reading of 41.5 and manufacturing on global continued to struggle with Euro-zone manufacturing sinking below record low levels and Chinese manufacturing shrank sharply in October.