Manufacturing increases more than expected in October

New orders climbed to 58.9 from 51.1, up 7.8 percentage points, while the production index jumped to 62.7 from 56.5, an increase of 6.2 percentage points. 

With 14 of 18 industries reporting growth in October, "manufacturing continues to outperform the other sectors of the economy," Ore said. 

The employment gauge rose to 57.7 from 56.5, and the index of export orders increased to 60.5 from 54.5 while imports dropped from 56.5 to 51.5. 

The measure of orders waiting to be filled fell to 46 from 46.5 and the index of prices paid increased to 71 from 70.5.

The inventory index fell to 53.9 from 55.6 in September, which was the highest since July 1984.