ISTANBUL

Economic activity in the US manufacturing sector contracted in October for the seventh consecutive month, according to a report released Friday by the Institute for Supply Management (ISM).

The ISM manufacturing purchasing managers' index (PMI) came in at 46.5% in October – down 0.7 percentage points from 47.2% in September. A reading above 50 indicates growth, while below that level shows contraction.

The market expectation for the index, based on replies from purchasing and supply executives in more than 400 industrial firms, was to come in at 47.6%.

The figure also marked the 23rd contraction in the last 24 months.

"U.S. manufacturing activity contracted again in October, and at a faster rate compared to last month," said Timothy Fiore, chair of the ISM Manufacturing Business Survey Committee.

"Demand continues to be weak, output declined, and inputs stayed accommodative," he added.