US manufacturing hits 10-month high

An index of US manufacturing activity climbed to a 10-month high in November, Markit economics said Monday. The economic research firm said the purchasing managers index for manufacturing reached 54.7, up from October's 51.8, which was a one-year low. The index indicates growth with numbers above 50. Markit said the new orders index climbed from 52.7 in October to 56.2. The index measuring new export orders rose from 51.3 to 51.4. The employment index remained positive but with a slower pace of expansion. The component index slid to 52.3 from 52.7. "The U.S. manufacturing sector has shown surprising resilience in the face of the [October] government shutdown. The average PMI reading so far in the fourth quarter is unchanged on the average seen in the third quarter and the survey is consistent with production growing at an annualized rate of approximately 2.5 percent," said Markit Chief Economist Chris Williamson in a statement.