U.S. manufacturing companies expanded at a faster rate in October as new orders rose to the second highest level in five years, a survey of executives found. The Institute for Supply Management said its manufacturing index jumped to 59% from 56.6% in the prior month. Economists surveyed by MarketWatch has expected the index to be little changed at 56.5%. Readings over 50% indicate more companies are expanding instead of shrinking. The ISM's new-orders index climbed 5.8 point to 65.8%, trailing only a 66.7% reading in August as the highest level since 2009. The production index edged up 0.2 points to 64.8%, while the employment gauge increased 0.9 points to 55.5%.
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