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November 01, 2013 AT 10:57 AM
An industry report showed that the U.S. manufacturing sector expanded at its fastest pace in 2-1/2 years in october, but the pace of hiring slowed from September. Senior Economist Gus Faucher Explained the situation: The Institute for Supply Management (ISM) said its index of national factory activity rose to 56.4 in October - its best showing since April 2011 - from 56.2 the prior month.