ISM factory index drops to lowest level since July

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The numbers:  A closely-watched index that measures U.S. manufacturing activity fell 2.3 points to 46.7 in October, according to the Institute for Supply Management on Wednesday. This is the lowest level since July.

Economists surveyed by the Wall Street Journal had forecast the index to inch up to 49.2%. 

Any number below 50% reflects shrinking…

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