U.S. manufacturing activity accelerated more than expected in October, with new orders jumping to their highest level in nearly 17 years amid a shift in spending toward goods like motor vehicles as the COVID-19 pandemic drags on. The survey on Monday from the Institute for Supply Management (ISM) was the last piece of major economic data before Tuesday's presidential election. The strength in manufacturing will likely keep the economy floating, with growth expected to slow sharply in the fourth quarter after a historic 33.1% annualized rate of expansion in the July-September period.
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