U.S. manufacturing orders index falls to two-year low

U.S. manufacturing neared a standstill in October, with the orders index contracting for the fourth time in five months, while the price paid index fell to a more than two-year low, data from the Institute for Supply Management (ISM) showed. The report is further evidence that fears of a global recession are mounting as central banks, including the Federal Reserve, step up efforts to rein in inflation. Manufacturers have seen prices for oil, metals and other commodities used in production fall in recent months. The ISM's measure of prices paid for raw materials fell for the seventh straight month in October to the lowest level since May 2020. The ISM data was in line with recent weak data reported by the regional Fed.