[The U.S. manufacturing industry accelerates its expansion and production indicators hit a new high since 2021] On November 3, the U.S. Institute for Supply Management (ISM) manufacturing index rose 1 point to 55.5 in October, the second highest level in more than four years. The figure was higher than nearly all economists in the survey expected. Readings above 50 indicate manufacturing expansion. Data released on Monday showed production indicators hitting their highest level since late 2021. A measure of new orders, reflecting demand, rose to its highest level since July and remains firmly in expansion territory. The ISM manufacturing indicator showed industry growth for the 10th consecutive month, with factory employment increasing for the fourth consecutive month in October, the longest stretch of growth since early 2022. Twelve industries posted growth in October, including electrical equipment, machinery, and computers and electronics. The three industries reporting shrinkage were printing, paper and non-metallic mineral products. Despite the positive overall data, manufacturer sentiment has been deteriorating in recent months, judging from respondent comments. “It comes down to inflationary pressures and constrained supply of raw materials, exacerbated by the ongoing Iran war and the tariff trade war,” Susan Spence, chairwoman of the ISM Manufacturing Survey Committee, said on a conference call with reporters.