U.S. Manufacturing Slumps in October on Auto Strikes, Slowest Growth Since Recession
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U.S. manufacturing activity contracted sharply in October, with the PMI dropping to 46.7.
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The declines were likely due to strikes by the United Auto Workers union against Detroit automakers.
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New orders and employment slumped, with the lowest readings since the Great Recession.
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Automakers have since reached tentative deals with the union, which could boost activity.
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Manufacturing payrolls likely declined in October due to the strikes, contributing to slower job growth.